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Delinquent 401k Payout California

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  • Delinquent 401k Payout California

    Hello Everyone,

    I quit my job of 3 years back in mid-March 2008 and am still waiting to get my 401K payout. The owner of the store told me that I needed to speak with his 3rd party 401k Administrator which I did. They were not helpful at all put me on hold forever and said they would call me back and never did. Finally, the owner told me via e-mail they have until September 15, 2008 to pay me legally. Does anyone know if this is true?

  • #2
    Since I haven't read your plan document, no, I don't know if it's true. But I know it's not illegal for the plan document to allow only a semi-annual payout.
    The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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    • #3
      have you done a google search?
      Walter

      www.California-Labor-Law-Attorney.com
      "Wage and Hour Class Action Attorneys"

      Disclaimer: The above correspondence does not constitute legal advice nor establish an attorney-client relationship. You should seek the advice of independent legal counsel before relying upon, acting upon or not acting upon any information contained in this correspondence.

      Comment


      • #4
        Legally, payouts can be done immediately, monthly, quarterly, semi-annually, or annually. It depends on what the specific plan document for the specific plan says.
        The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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        • #5
          I did not know that..thanks
          Walter

          www.California-Labor-Law-Attorney.com
          "Wage and Hour Class Action Attorneys"

          Disclaimer: The above correspondence does not constitute legal advice nor establish an attorney-client relationship. You should seek the advice of independent legal counsel before relying upon, acting upon or not acting upon any information contained in this correspondence.

          Comment

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