Former company didn't yet process my 401k rollover. What is considered timely, and are they obliged to process it?
I left my former company 3 years ago and I left my 401k under the management of their 401k company. Now I want to roll it over. I sent a certified letter to them last week, and they got it. Then I called the person that is responsible for handling this form and confirmed that he got it. It has been a week now and the 401k company say they still have not received the forms.
Here are my questions:
How long does the 401k roll-over process typically take? Why so long?
Is there any law requiring the former company to process the rollover request?
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I rolled over IRAs and 401ks a couple of times, never did it take less than a month from the beginning to end. I suggest patience. You can ask for an overnight check delivery for a fee (I ended up doing that after they lost the first check in the mail, cost me ).
My experience has been that there was a one week buffer built into the process. The company only generated checks once a week, and if you missed the deadline you had to wait an additional week. The website should explain the process.
Once the check was generated there was a delay getting it to the new company via mail. Plus the time for the new company to process the check.
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