- August 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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**AI Legalese Decoder: Resolving Issues with a Previous 401k Provider**
**Introduction**
I am seeking advice regarding a predicament I find myself in concerning my previous 401k provider, For Us All. I have a small balance of approximately $2,000 held by them, even though I left the company that sponsored the 401k program several years ago. Recently, I decided to rollover the 401k but encountered some unexpected complications.
**The Missing Money**
When I contacted For Us All regarding the rollover, they informed me that my money had been sent to a company called “PenChecks” four months ago. However, when I reached out to PenChecks, they denied ever receiving the funds and suggested that I contact For Us All to resolve the matter.
**Stonewalled by For Us All**
Unfortunately, For Us All has been uncooperative and unhelpful in resolving the situation. They have essentially dismissed my concerns and refused to take any responsibility for the missing funds, leaving me uncertain about the next steps to take.
**Seeking Guidance**
In light of these circumstances, I am desperately seeking advice on how to proceed. I am unsure of what options are available to me in resolving this issue and retrieving the funds rightfully owed to me.
**AI Legalese Decoder: Assisting with the Situation**
In an effort to find a solution, I have taken a proactive step by submitting complaints with both the Attorney General and the Employee Benefits Security Administration/Department of Labor (EBSA/DOL). This ensures that governmental entities are aware of the problem and may intervene if necessary.
**Update and Potential Resolution**
In an unexpected twist, the CEO of For Us All personally reached out to me on my cell phone. They expressed a willingness to address the issue promptly and assured me that a resolution would be reached. However, I couldn’t help but feel skeptical about their explanations, as they seemed to redirect blame elsewhere and claimed that For Us All does not hold the funds themselves. While this communication may offer a glimmer of hope, I remain cautiously optimistic that there may be an end in sight.
**The Crucial Role of AI Legalese Decoder**
Amidst this frustrating predicament, an AI Legalese Decoder could be of immense assistance. AI Legalese Decoder is an advanced technology that can comb through legal terms, contracts, and agreements to decipher complex language and identify relevant information. By utilizing this decoder, it would be possible to break down the intricacies of the various documents involved, such as the 401k plan terms, the agreements between For Us All and PenChecks, and any correspondence exchanged with both parties.
The AI Legalese Decoder would be invaluable in identifying any potential breaches of contract, negligence, or legal obligations that either For Us All or PenChecks may have violated. By revealing the underlying legal implications and responsibilities of each party, the AI Legalese Decoder can empower individuals in situations like mine, providing clarity and a roadmap for resolution.
Moreover, the AI Legalese Decoder would be able to generate legally sound responses and counterarguments that individuals can use in their communications with companies like For Us All or PenChecks. It can help people navigate the legal complexities and disputes more confidently, ensuring their rights are protected and their concerns are addressed appropriately.
In summary, when faced with challenging situations like the one I am currently experiencing, the AI Legalese Decoder can be a valuable tool in unraveling legal complications, guiding individuals through the necessary steps, and aiding in the resolution of disputes with greater efficacy. Its ability to decode legal language and generate insightful responses equips individuals with the knowledge and confidence needed to advocate for their rights and achieve a favorable outcome.
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AI Legalese Decoder: Unlocking the Secrets of Legal Jargon
Introduction:
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Understanding the Challenges of Legalese:
Legal jargon is primarily used to ensure precision and clarity in legal documents. It acts as a language of its own within the legal field, distinguishing it from everyday communication. However, this specialized language can be overwhelming for individuals without legal backgrounds. It often leads to confusion, misinterpretation, and discourages people from engaging in their legal matters.
AI Legalese Decoder: Simplifying Legal Terminology
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Doubling the Length:
The AI Legalese Decoder acts as a bridge between the intricate world of legalese and the general population. By enhancing accessibility and improving comprehension, it ensures that individuals are empowered to effectively participate in legal matters that concern them. As a result, the usage of AI Legalese Decoder not only reduces confusion and ambiguity but also eliminates the need for expensive legal consultations.
With the expanded length, it is crucial to highlight some specific scenarios where AI Legalese Decoder can prove invaluable:
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Commenters recommending you make a complaint to the CFPB are a little off the mark. Employer plans are regulated by the Employee Benefits Security Administration of the Federal Department of Labor: [https://www.dol.gov/general/topic/retirement](https://www.dol.gov/general/topic/retirement)
EBSA takes this sort of thing very seriously.
How was the money sent to PenChecks? Was a check issued or was an electronic transfer made?
When my wife changed jobs, her old 401k manager tried holding money hostage. We just had to keep calling until we talked to someone willing to have us transfer it. They kept telling us it was the wrong move or using everything they could come up with to stop us. It took months and lots of calls but we finally got it. Good luck.
The magic number to have in your 401k is $5000 or more. There is a federal law that for old 401k’s with balance above $5000, your former employer is required to keep your 401k account in their plan.
If balance is below $5000, your former employer is allowed to push your account out of their 401k plan, and into somewhere else (what you are experiencing). Someone with more experience, please chime in.
Have you checked the unclaimed money database for your state?
Anything like that sounds like an employee stole the money or the company stole the money. Did they ever send you paperwork closing out the account and showing that the money rolled to another entity?… Could be time to call a lawyer… The State Atty General should probably know more about it. Federal Regulators? I’d start complaining to multiple agencies… Post on FB too…
Any chance your former employer switched 401K providers and everybody’s account got moved to PenChecks? Contact your former employer’s HR and talk to them as well.
Can you ask for a copy of the force out paperwork they originally sent you? We keep PDF copies of what we send. It should have the information of where it went. Pencheck may have facilitated the transfer to ForUsAll. So, the issue would still be with ForUsAll.
You should have gotten log in information and a quarterly statement if it happened for 4 months ago. So you could also ask how to get a duplicate copy of that and go from there.
You did exactly what I would have suggested;
AG
DoL
This may take a little time but I’m confident you will prevail.
My company is a TPA for retirement plans. We send money to Penchecks every day for our clients. They’re legit. It looks like your company never sent the funds over.
Update: ForUsAll CEO called me on my cell to talk through the details and promise it gets resolved quickly.
Uh oh, my previous employer used For Us All guess Ill be keeping my eye on this thread!!
Your balance was under $5000 which is the de minimis threshold for mandatory cash out. So you canÔÇÖt roll it over. But they do have fiduciary responsibility to solve it for you. Believe it or not.c you may want to try in writing. For Us All is obligated to respond.
Do you have any of your old statements? Electronic login to your account? There has to be some history and traceability here…
File a claim in small claims court. ItÔÇÖll probably costs you $50 filing charge but they still have to address it same as a larger lawsuit. You have to pay to have them served but also request all supporting documents. If they ignore itÔÇÖs an automatic default.
Assuming your employer is still in business, they have a responsibility to investigate this. Contact them for the details of the withdrawal. Get date, amount, where and how it was sent.
They should be able to provide more information about the transfer (account numbers, specific date, specific amount transferred, etc) that you can then take to the new place and hopefully be better able to locate where the money is.
The money is somewhere, so you need to figure out where that is. Very specific information like this will help facilitate that. its possible that there was some sort of transcription error (typo in your name, in your SS number, etc) that is making it harder for them to locate you based on the information you provided.
IÔÇÖd try to find out when it was transferred, it took my rollover around a week or two to end up in my new account, maybe itÔÇÖs left the old 401k but hasnÔÇÖt arrived in the penchecks account?
CFPB complaint might get them moving.
Is there any way you can get your former employer and the plan administrator involved?
if they’re stonewalling you it’s time for a CFPB complaint
You may find these links helpful:
– [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
– [401(k) FAQs](/r/personalfinance/wiki/401k)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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have dealt with them before. had the same exact problem….they will never send you the money….if they suspect you are trying to GET the money they will step up the fees and charges so by the time you force them to pay….there is nothing left.
best to just write off that money, you will never see it from them.
CFPB.
How old is “several years”? 401ks hold in limbo for 5 years after you leave a company usually. For example if you have 3k unvested, it will remain for 5 years. If you go back to the company within 5 years, your prior time counts toward vesting. So they usually wait 5 years before taking away unvested funds. There might be something related to that, maybe.
Why did you take so long to roll over the 401k? You would have had an obligation to transfer the money within a period (usually less than 90 days) once your employment ends.
It’s possible that the entirety of that money has been eaten away by annual fees if it t’s been as long as you say.
Check your plan provisions – may be a force out under $xx to an IRA