My 401k Is "Missing"!!! (long)

StrawberryAlarmClock

I'm going to go ahead and throw company names out here because none of this is slander or priveleged information. Maybe someone may know something that the representatives I spoke with were unable to figure out.

When I worked full time for American Eagle Outfitters 6 years ago, I had a 401k with MFS.  They merged with Sunlife who has now become The Hartford.  In 2008 American Eagle rolled all of their employees' 401ks over to Principal.  I want to roll my plan over to my current 401k provider and contacted Principal to get the process started. 

They have never heard of me. They have no file, my SS# did not pull anything up at all. 

OK. Fine. Not panicking yet. I called The Hartford and they were able to pull me up but there is a letter in my file to a Ms. X asking her to roll all of American Eagle's employees' 401ks over to Principal.  That's it. Nothing else. No money. No paper trail. Nada.  My rep said she had never heard of Ms. X and did not even know if she still worked there.  I said, "Can you call HR and find out who is in her position now?"  Suddenly, my rep was able to find her in the company directory. I asked my representative to put me through to Ms. X and she said that she'd call her for me.  She put me on hold literally less than 20 seconds and said, "She's not there."  I asked if her voicemail picked up that quickly and she said no one answered. I asked for Ms. X's phone number and my rep said that she only had an extension. I asked, "Well, don't all of your extensions have outside access? Area code + exchange + extension"  She said it did not work like that.

OK. So I said, "I'll call American Eagle. You keep calling Ms. X then call me back.  If I find anything out, I'll call you back.  What's your direct line?" She gives me the 1-800 # I had just called and her extension. Ooooookay. So, I asked her, "Can I have Ms. X's extension?"  Ummm...pause..... Finally, she gives me Ms. X's extension and says that I will not be able to get anywhere with her because she'll have to patch me back to a rep because she is a plan manager and does not have a recorded line.

Here's where I am right now: I emailed the Stock Option Administrator at American Eagle telling her that my 401k is, at present, MIA.  I called Ms. X and left her a voicemail. And now I'm just nervously waiting.

Does anyone have any insight? Are you familiar with any of these companies? Do you know what I should do?

AvidVertigo

No advice but I would stay on it.  That really sucks!

lovinfall

You may want to contact the SEC. That sounds way too fishy to just wait on an answer from American Eagle.

sourpatchkids

No, but that sucks! I hope you can get it figured out soon!

Marc's Mrs.

Holy crap!  That's scary!!  No real advice other than hound the crap out of them and document who you talk to and when.  If you still have any statements from any of the old companies that might help too.  GL!!

Fuzzy8252

lovinfall:

You may want to contact the SEC. That sounds way too fishy to just wait on an answer from American Eagle.

This. I worked for Gap Inc. and they've changed providers so many times I can't keep count... but they always knew where my money went. Something doesnt' sound right.

BJFinSC

Have you ever received quarterly/monthly statements for the account?

StrawberryAlarmClock

BJFinSC:

Have you ever received quarterly/monthly statements for the account?

I haven't gotten statements for years. I've moved twice and I couldn't create an account on their site.

lite-bright

I'm pretty sure it's not likely to be a 401(k) account any more. My understanding of those is that they're really only for when you're an active employee at a company. When you leave a job (or at least, when I've left jobs), you have X amount of time to roll your 401(k) account either into an existing investment account, or roll it over into some type of IRA. 

I think the deadline on that is in months, not years. And if you don't do it in time, they send you a check with your account balance (fully taxable, b/c the IRS sees it as an early withdrawal). 

Did you ever have the account converted to an IRA? Could it be that they're just not looking for the right type of account? Or is it possible -- eeek! -- that the check would've been sent to an old address and lost? 

I hope not, that would suck.  

Meggybear

I agree with the PP who said it was more than likely rolled to an Ira account. Before becoming a SAHM I worked as a rollover specialist for a large mutual fund company (not one you mentioned.) when companies changed providers for their 401ks, the "inactive" former employees normally received letters stating that they had X amount of days to take action or their plan would be rolled over to an IRA. You said you moved a few times, so mosT likely a letter wasnt received. Your former company has to pay fees for you to be in the 401k plan and since you were no long employed by AE my guess is that you now have an IRA at one of the firms. I would keep trying, many times the 401k side and the IRA sides of companies are totally separate from one another and the reps cannot access accounts from the other side. Good luck!

lovinfall

lite-bright:

I'm pretty sure it's not likely to be a 401(k) account any more. My understanding of those is that they're really only for when you're an active employee at a company. When you leave a job (or at least, when I've left jobs), you have X amount of time to roll your 401(k) account either into an existing investment account, or roll it over into some type of IRA. 

I think the deadline on that is in months, not years. And if you don't do it in time, they send you a check with your account balance (fully taxable, b/c the IRS sees it as an early withdrawal). 

Did you ever have the account converted to an IRA? Could it be that they're just not looking for the right type of account? Or is it possible -- eeek! -- that the check would've been sent to an old address and lost? 

I hope not, that would suck.  

That is not correct. It's recommended to roll over to an IRA so you can control the account and continue to make contributions but it's not mandatory. The "employer" and investment company can not eliminate a 401k.

Meggybear

Oh and certain firms will cash out your 401k balance and mail you a check if it is below a certain amount (usually a few hundred dollars). I would also suggest contacting your current 401k company- depending on what company it is they may have representatives who can help you with all of this. In my old role I would spend many hours a week conference calling other firms with clients to assist them with rollovers and situations like yours came up frequently.

lite-bright

lovinfall:

lite-bright:

I'm pretty sure it's not likely to be a 401(k) account any more. My understanding of those is that they're really only for when you're an active employee at a company. When you leave a job (or at least, when I've left jobs), you have X amount of time to roll your 401(k) account either into an existing investment account, or roll it over into some type of IRA.

I think the deadline on that is in months, not years. And if you don't do it in time, they send you a check with your account balance (fully taxable, b/c the IRS sees it as an early withdrawal).

Did you ever have the account converted to an IRA? Could it be that they're just not looking for the right type of account? Or is it possible -- eeek! -- that the check would've been sent to an old address and lost?

I hope not, that would suck.

That is not correct. It's recommended to roll over to an IRA so you can control the account and continue to make contributions but it's not mandatory. The "employer" and investment company can not eliminate a 401k.

If you don't have enough money in the account to meet certain minimums, they can cash you out and send you a check once you leave. A quick google tells me that minimums vary by plan and can be from $1K-$5K, usually $5K.

I worked for two different employers for three years each, and I apparently didn't meet their minimums because both times I was notified that I must choose a a rollover option or they'd send me a check with a huge tax penalty.

ETA: Strawberry, I don't want to scare you or anything! I hope like pp mentioned, that your company did an automatic rollover to an IRA and the reps are just looking in the wrong place. 

StrawberryAlarmClock

lite-bright:

lovinfall:

lite-bright:

I'm pretty sure it's not likely to be a 401(k) account any more. My understanding of those is that they're really only for when you're an active employee at a company. When you leave a job (or at least, when I've left jobs), you have X amount of time to roll your 401(k) account either into an existing investment account, or roll it over into some type of IRA.

I think the deadline on that is in months, not years. And if you don't do it in time, they send you a check with your account balance (fully taxable, b/c the IRS sees it as an early withdrawal).

Did you ever have the account converted to an IRA? Could it be that they're just not looking for the right type of account? Or is it possible -- eeek! -- that the check would've been sent to an old address and lost?

I hope not, that would suck.

That is not correct. It's recommended to roll over to an IRA so you can control the account and continue to make contributions but it's not mandatory. The "employer" and investment company can not eliminate a 401k.

If you don't have enough money in the account to meet certain minimums, they can cash you out and send you a check once you leave. A quick google tells me that minimums vary by plan and can be from $1K-$5K, usually $5K.

I worked for two different employers for three years each, and I apparently didn't meet their minimums because both times I was notified that I must choose a a rollover option or they'd send me a check with a huge tax penalty.

ETA: Strawberry, I don't want to scare you or anything! I hope like pp mentioned, that your company did an automatic rollover to an IRA and the reps are just looking in the wrong place. 

Eep! They would have had to contact me somehow, though, right?? Oh sheesh! My current rep (with this employer) told me that the previous employer is responsible for keeping tabs on the accounts. He didn't mention minimums. I hope he didn't just assume I was over the minimum. I have no clue how much would be in there. Ugh. Thanks for the warning, Lite. It gives me something to ask.

alove902

I'm having extremely similar issues with the same company.  I sent you a private message with my email.  Hopefully we can get together and compare notes.  Thanks.