401k rollover being held up by former employer
I was terminated from my job on 5/15/20, on 6/12/20 I initiated a rollover of my 401k from my former employment into another 401k that I have, Principal Financial is the plan administrator, they have asked my former employer 5 times to verify my departure date, I have also reached out to her, she is not responding at all, this is holding up the whole rollover process, this employer also has a history of holding the employees contributions for months at a time and not sending them to Principal, is there a way to get around her so she's not holding my rollover hostage?
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Retirement plans and other benefits are the responsibility of the US Department of Labor (DOL). They published a list of Ten Warnings Signs That Your 401(k) Contributions Are Being Misused two of which may apply to your situation:
#3 Your employer failed to transmit your contribution to the plan on a timely basis #7 Former employees are having trouble getting their benefits paid on time or in the correct amounts
A part of the US DOL is the Employee Benefits Security Administration (EBSA):
The mission of the Employee Benefits Security Administration is to
assure the security of the retirement, health and other workplace
related benefits of America's workers and their families. We will
accomplish this mission by developing effective regulations; assisting
and educating workers, plan sponsors, fiduciaries and service
providers; and vigorously enforcing the law
The EBSA has a help service called askEBSA:
Welcome to EBSA’s Assistance webpage. We are here to provide you with
quick information about our programs and services, provide answers to
your questions, and assist you if you believe you have been
inappropriately denied a retirement, health, disability, or other
ERISA employee benefit.
We also are here to provide you with information and answer your
questions about complying with the federal laws that cover private
sector employee benefit plans.
We can help answer questions on issues such as:
Lost or stolen pension or other retirement benefits
Denied health or disability benefits
COBRA
Association Health Plans
Plan administration and compliance
Contact them to see what can be done.
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