Company laying off and I was asked to resign on 10/28/14 in return for a severance package (paid through 12/31/14 and 1/2 of my Christmas bonus). I just requested to close out my 401 K and was advised that their "plan" was not completed for the year and I must wait though no time frame was given. Sometime during 1st quarter of new year my x employer typically matches employees contributions during the previous year. I will not be receiving that and would like to cash out now.
The first question is what the plan rules are regarding the timing of distributions. Some plans only permit distributions once per month or quarter and some plans also make distributions on a similarly periodic schedule. I'd suggest looking at the plan documentation for answers.
Try to get them to give you an expected time frame for the distribution. If they are unable to provide that to you then you need to file a written claim for benefits with the plan administrator. The plan documentation will address that process.
The best way you can find out the details of your plan is by looking at the Summary Plan Description (SPD), a legally-required document that summarizes the terms of the plan in plain English. The SPD should have already been provided to you, and it should also be available on request from your former employer or the administrator of the 401(k) plan.
If your plan is with a large, established recordkeeper I'm surprised that there would be any significant hold or delays for you.
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