Nate Sandall
United States
Portland
Oregon
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hey everybody,
I used to have a 401k at my old employer that I (unwisely) ended up cashing out back in 2002-2003. About a year ago, I finally purged my old statements that I had thinking that I didn't need them anymore or the reminder of the bad financial move I made cashing out the account. At the height of my career there, I had about $25,000 in the account.

This week, I receive a notice in the mail that there is a class action settlement against the plan pending. To receive any payments from the settlement, I have until August 21st to submit documentation that I had money in the plan.

So, my question is, will I be able to order copies of the old statements? How long do they keep them? I plan on calling the HR dept of the old company to find out who handled the plan and attempt to order old statement copies. Will I be wasting my time? Will they stall on getting me the old statement copies until after the deadline?

Thanks for your help!
Nate
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Wade Nelson
United States
Golden Valley
Minnesota
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I believe you're taking the right approach, like you said there are two main things:
1.) Whether they have your 401k documentation on file
2.) Who was the 401k provider

Typically your 401k is managed by an outside entity, like Wells Fargo. They don't typically throw out documentation, and I could be wrong but I believe the legally required retention time is seven years.

If possible, get some documentation from the company and the provider while you're at it.

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Nate Sandall
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I called them (funny you should mention Wells Fargo!) and ordered copies of my statements from the time period in question. They said it may take up to 30 days.

Thanks for the response Wade I appreciate it!
Nate
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Michael Edwards
United States
Everett
Washington
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YA R'LYAH
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Phnglui mglw nafh Cthulhu R'lyeh wgah nagl fhtagn! With cheeze!
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Speaking of bad planning, I'm about to cash out more of my 401K. Avoid this if at all possible, kids!
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Nate Sandall
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Chanfan wrote:
Speaking of bad planning, I'm about to cash out more of my 401K. Avoid this if at all possible, kids!


Not only do you get nailed at withdrawal time for 20% federal and 20% state taxes, you also get to count it as income and suddenly you are in a higher tax bracket at tax time! Avoid!!
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