Virginia  |  Investment Law

Legal Question

Asked on: 7/14/06, 9:49 pm

Trying to collect my 401K

I was discharged from employment on 12/21/06. I was contributing to a 401k plan with this employer, who secured the services of Fred Shapiro and Assoc of Baltimore MD to manage the investments with MetLife. After over 6 months, I have yet to receive even a distribution request form from Fred Shapiro, my previous employers state they cannot do anything to expedite this process. Info provided to me via ex-employer issued by Fred Shapiro states that I may have to wait UP TO 7 months from date of termination to collect, and this deadline is fast approaching, actually in 7 days. NO ONE will reply to my requests for even the forms, and I feel there must be some recourse for me. How long should I be expected to wait? This money is sitting, gaining dividends that cannot be vested for me. I have lost 6 months worth of prospective interest or dividend earnings because obviously I am unable to re-invest this money. Is there a law governing how long an ex-employer can keep one waiting?

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