401k roll over issues

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Topic Author
llcoolln
Posts: 29
Joined: Tue Oct 14, 2014 2:20 pm

401k roll over issues

Post by llcoolln »

Hi all,

I need help on an issue I've been having for MONTHS.

I initiated a roll over from one 401k account into my current employer's 401k account. The issue I'm having is that my prior 401k had my maiden name and my current has my married name on it. This would have been easy enough to just void the checks and start over, but the issue is that my current 401k has already deposited the money into their accounts so the prior 401k is unable to void and reissue them.

The prior 401k is saying that they are unable to accept a check back from Vanguard because it would look like a contribution for this year and since the check was deposited, the account has already been closed with them.

The current has been saying that they are unable to accept with the incorrect name (even after offering every possible form of proof: marriage cert, license, etc). They've asked me to submit some paperwork, but I think it is just to buy them more time to figure it out. The last I spoke with them, they said that they are still researching the issue and have no ETA on when it will be resolved. This is where I need your help. Has anyone been in this situation before? Advice?

This has been going on for 6 months with little or no traction.

Thanks!
knswamy
Posts: 86
Joined: Wed Sep 10, 2014 11:18 am

Re: 401k roll over issues

Post by knswamy »

I'm a bit confused. So the new provider (Vanguard?) has deposited the funds but not to your account? If that's the case, it's nothing short of ludicrous!!

This is not something you want to do on your own. This would be my progression:
1. Start with your current employer's HR. My experience is that a call from HR at a major company motivates people to get their act together.
2. File a complaint with the ERISA board. See http://www.sec.gov/answers/401%28k%29.htm. Maybe start by calling the customer service line.
3. Threaten legal action for illegal seizure of assets.

At a minimum, you want to file a formal complaint with the new provider and have a paper trail.
Topic Author
llcoolln
Posts: 29
Joined: Tue Oct 14, 2014 2:20 pm

Re: 401k roll over issues

Post by llcoolln »

Yup, vanguard is the new provider and you are exactly right. They have deposited the funds but not in my account.
knswamy
Posts: 86
Joined: Wed Sep 10, 2014 11:18 am

Re: 401k roll over issues

Post by knswamy »

I'd definitely take action then. It's not going to fix itself at this point without some aggressive action!
LeeMKE
Posts: 2233
Joined: Mon Oct 14, 2013 9:40 pm

Re: 401k roll over issues

Post by LeeMKE »

The only silver lining here is that your funds have been sitting on the sidelines during this last week of sliding prices, so you may get a bonus for the slow resolution of this issue.
The mightiest Oak is just a nut who stayed the course.
somethinpurple
Posts: 2
Joined: Tue Oct 14, 2014 11:03 pm

Re: 401k roll over issues

Post by somethinpurple »

I am in the process of doing the same thing right now. Previous 401k (maiden name) rollover to Vanguard (married name).
Vanguard had me complete the One-and-the-Same Certification Form which requires a medallion signature guarantee ahead of time ( https://personal.vanguard.com/us/litera ... Input=V400 ) Check was sent to vanguard yesterday so hopefully the funds are deposited into my account properly.
Topic Author
llcoolln
Posts: 29
Joined: Tue Oct 14, 2014 2:20 pm

Re: 401k roll over issues

Post by llcoolln »

Somethinpurple: let me know how your process goes and if you hit any snags! I'm so excited to see this - despite the fact that Vanguard keeps telling me they have everything, I'm going to get this filled out and mailed.

knswamy: I reached out to my HR department today and they're reaching out to the benefits team to escalate this.
somethinpurple
Posts: 2
Joined: Tue Oct 14, 2014 11:03 pm

Re: 401k roll over issues

Post by somethinpurple »

llcoolln wrote:Somethinpurple: let me know how your process goes and if you hit any snags! I'm so excited to see this - despite the fact that Vanguard keeps telling me they have everything, I'm going to get this filled out and mailed.

knswamy: I reached out to my HR department today and they're reaching out to the benefits team to escalate this.

Just wanted to let you knows the funds appeared in my vanguard account today. process went pretty smooth for me.
Topic Author
llcoolln
Posts: 29
Joined: Tue Oct 14, 2014 2:20 pm

Re: 401k roll over issues

Post by llcoolln »

Hi all,

Thanks for all the advice. I got in touch with my company's 401k contact and you'd be AMAZED at how fast they get back to you. In less than a week, the issue was resolved and the Vanguard plan administrator himself called me to give me the update.

It's ridiculous that it had to go to my employer, but it is what it is.

Ellen
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