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Q: What recourse does a being accept if a above employer does not action the paperwork to cycle over their 401(k) plan into addition plan? I formed for a baby aggregation for 15 months in 2006-2007 and accumulated about $4,000 in my 401(k). Three months afterwards I larboard the company, I notified them that I capital to cycle over to Fidelity Investments. That was aftermost October.

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I waited for the paperwork for four months and again contacted the plan ambassador [an alfresco close that runs the retirement plan]. They beatific me the actual forms but still said they could do annihilation added until the aggregation signs off on them. I hand-carried the completed forms to my above employer and was told it would be aloof a abbreviate time for them to action them. That was in February.

I contacted the Agent Allowances Security Administration. The investigator said she would buzz my above employer, but I’ve heard annihilation from her in a month. What can I do?

J.S.

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Your 15(k) Retirement Savings Plan – PDF – fidelity 401k rollover form | fidelity 401k rollover form

A: Such a diffuse adjournment is not common, said Richard Manning, a agent for the Labor Department, which oversees the Agent Allowances Security Administration.

“Although abounding companies would accept candy a rollover appeal sooner, the accounting rules of the plan absolutely administer the due date for distributions,” Manning said. Generally, affairs that acquiesce for rollovers or distributions above-mentioned to retirement age are declared to action them aural a reasonable aeon of time, he said.

What’s reasonable? That can alter according to the blazon and admeasurement of your plan, as able-bodied as added factors.

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“We about acquaintance the aggregation to acquisition out what is causing the delay, [which] generally prompts the aggregation to dness a problem,” Manning said. “It could be that in researching this reader’s situation, we baldheaded planwide issues that charge to be addressed afore any distributions are made.”

This continued of a adjournment from the aggregation in absolution the funds best acceptable would not be advised reasonable, said Thomas Schendt, a Washington, D.C., accomplice at law close Alston & Bird who focuses on agent allowances issues.

His suggestion: Send a academic letter of complaint, a appeal for the money and a appeal for your plan’s arbitrary plan description and abounding plan document. Send a archetype of the requests to the EBSA appointment in your region. You already accept complained over the phone, but this footfall formalizes the action and starts the alarm on the company, which has 30 canicule to respond, Schendt said.

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Q: I assignment at a academy that deposits the aftermost acquittal for my 403(b) annual of any year (for December) that I had appointed from my pay into the aboriginal anniversary of January of the aing year. Doesn’t that change the final bulk I had adopted to save for the antecedent year?

For instance, if I said to save $20,500 for the 2007 year into my 403(b) annual and alone $19,600 is absolutely deposited by Dec. 31, doesn’t that change the absolute I adopted to accept adored for the 2007 year? If for some acumen they stop accomplishing this the aing year, which has not been the case, wouldn’t my absolute be over the acceptable bulk for the aing year?

R.S.

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Tax Information Center – fidelity 401k rollover form | fidelity 401k rollover form

A: First, double-check that your W-2 account shows a alterity for the year amid what you adopted to abstain and what absolutely was withheld.

Next, acquaintance your amount administration and ask for an explanation. Some affairs absolute the allotment of bacon that can go into the plan, and you may accept run up adjoin that limit, said David Wray, admiral of the Profit Sharing/401k Council of America in Chicago.

If there is an absurdity in withholding, it is acceptable a software affair in the company’s amount system, said Bob Architect, chief tax law specialist for the Internal Revenue Service. Architect said it is adequately accepted for amount systems to hardly underwithhold.

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15khardship 15k Withholding Tax Rollover Form 15 | Nayvii – fidelity 401k rollover form | fidelity 401k rollover form

If the aggregation withholds too much, it is advised an balance contribution, he said, which requires administration to book forms acclimation the mistake, and advisers to book an adapted acknowledgment and address the balance income, bare the taxes owed.

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Have a retirement question? Write to [email protected], or via mail at Your Money, Chicago Tribune, Room 400, 435 N. Michigan Ave., Chicago, IL 60611. If your letter is selected, we may accommodate you and your catechism in a approaching column.

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