What are an employee’s rights to a 410k if the onlycontribution was made by their former employer?

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What are an employee’s rights to a 410k if the onlycontribution was made by their former employer?

I resigned from a firm 10 months ago. Then 2 years ago, I received documents that I have $8,233 Win my 401K plan, which is money from the employer. I had not participated in the plan. However, each document they sent me informs me that “I” have $8,233. When I contacted the employer they informed me that funds will be distributed at the discretion of management. Do I actually have that money coming to me, or not? And, if I do, is there any time table for the employer to release those funds to me? Any action that I can take?

Asked on August 18, 2011 Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to take the documents in to an attorney to review on your behalf and to write the necessary letter to your employer and the company holding the funds.  Why they would contribute to a plan on your behalf if you did not contribute yourself is a bit odd but I would absolutely not assume that it was an improper contribution on their part and that you were not entitled to the funds.  Quite the contrary: I would assume that the money is yours until such time as they can legally prove otherwise. You will need all the information you have - the documents as well as any information originally received - for the attorney.  Get help.  Good luck to you.


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