Thread regarding ITT Educational Services Inc. layoffs

Bankruptcy Letter

Anyone else received the Bankruptcy letter? What's the next step?

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Post ID: @OP+JPK1XxK

12 replies (most recent on top)

This pdf from the bankruptcy court has information on the 401k

http://omnimgt.com/CMSVol2/pub_47137/596475_FAQ.pdf

Omni Management hosts all public information on the bankruptcy here:

http://omnimgt.com/main/pages/home.aspx

(There is a link to IIT as well as other companies on the above page)

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Post ID: @1lomu+JPK1XxK

Anyone have ant recent news on the 401k money being released?

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Post ID: @1lect+JPK1XxK

I called last Friday asking what the status was and was told that ITT had to file some paperwork before it could be released and it could take 3-4 weeks. I was also told at that time that I needed to resign my distribution paperwork because I signed it with my full name while only my first and last name was on the prefilled form and that was holding it up as well. I completed the new paperwork on Friday and put it in the mail. Monday was a holiday so I know it was received on Tuesday. I checked my Transamerica account online later that day and the balance was $0. I waited the 2 business days required for the transaction and had the funds on Thursday.

They never contacted me to tell me that my paperwork had mismatched names, I had to call and see what the holdup was.

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Post ID: @3dtk+JPK1XxK

All 401k Money held by Transamerica is frozen. No ETA on release and they don't feel the need to tell anyone that this is happening. Their answer is when pressed "The IRS is doing testing". Looks like all we can do is sit idly by and wait for the day when the money is released.

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Post ID: @2aga+JPK1XxK

How did you get yours?? Being told in testing. Could take 3 weeks to six months. Can't be told where in this process

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Post ID: @2ida+JPK1XxK

I received my 401K funds today.

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Post ID: @1blt+JPK1XxK

Whoever posted this: They can't touch your 401k or ESI Pension, think again. The IRS is auditing the 401K and all funds are frozen until further notice. I contacted the Trustee today to see if she has a timeline as to when the funds will be unfrozen. I have not heard back yet. I called three times already and emailed. My last message was that if she doesn't return my call today, I will be giving the information to all previous employees to start calling.

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Post ID: @1vas+JPK1XxK

They can't touch your 401k or ESI Pension

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Post ID: @1xiz+JPK1XxK

My 401K funds were released today (my account balance is now zero) check the Transamerica website.

I filed a claim online through the ITT bankruptcy site for the amount of severance pay I did not get. I doubt I will ever see it but I filed a complaint anyway.

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Post ID: @1spq+JPK1XxK

It would be good if all employees that received this letter contacted the attorney and the bankruptcy trustee to let them know you are not a creditor! What Itt is claiming is that they owe you money. I know that they absolutely do not owe me money and wish they would just go away and Kevin and his team be put in jail for fraud

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Post ID: @1noj+JPK1XxK

I received my letter yesterday. They have filed for Ch 7 bankruptcy. I don't know how that will affect your 401k funds.

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Post ID: @1ivf+JPK1XxK

What bankruptcy letter and when did you receive it? I'm trying to get information about when our 401k funds will be unfrozen.

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Post ID: @xwx+JPK1XxK

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