Current Events > The company I worked for went out of business and didn't pay out my 401k

(+) Yeah! (+)

What do

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Sue I think. I dont really fully understand 401ks but I tbink they have to give them out. They could be in legal trouble

like its gone or they won't pay it out? either way I'd talk to a lawyer.

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BuckVanHammer posted...

like its gone or they won't pay it out? either way I'd talk to a lawyer.

Both. The company pretty much doesn't exist anymore and there is nobody to get ahold of.

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Aren't 401ks managed by Fidelity or Charles Scwab or somebody.. I don't think they didn't pay out and I think you can't track where your account is...

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I thnik you should consult with a lawyer, my understanding is that bankrupcy means they liquidate assets to pay up any debts, and these debts include workers wages and accesories (may vary depending on country).

You say there's nobody to get a hold of, but your lawyer may track someone to claim anything you're owed by that company

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Your 401(k) is out there somewhere still. It wasnt the companys money, it was your money in an account held by them. You just need to find where it was held.

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401k is managed by an outside company in your name, if the company somehow took it they stole it

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The Popo posted...

Your 401(k) is out there somewhere still. It wasnt the companys money, it was your money in an account held by them. You just need to find where it was held.

Its only his money if he met the requirements for the employer matching to be vested to him. Some companies require you to stay with them for x-years before that extra money becomes yours.

(the money he put in himself, however, should always be his though)

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pick4six posted...

Aren't 401ks managed by Fidelity or Charles Scwab or somebody.. I don't think they didn't pay out and I think you can't track where your account is...

This.

Call the brokerage your account was with and ask them about your account. Your best bet now is to roll your 401k into an IRA at a brokerage of your choosing, which will let you keep all of your existing money and likely give you even more control over what you'd like to do with it than you had with your 401k before.

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