I went to transamerica website down loaded the withdrawal forms, completed them, mailed them via certified mail and my funds were direct deposited into my account in less then a week. Anyone with a pension will have to wait until the new administrator (PGBC) has completed getting all the information into there system. This can take two months. I talked to a PGBC rep and they assured me all our money is safe. Neither the 401k or pension money is tied up in the company's bankruptcy.
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I got a Medallion Signature as required by Transamerica 2 weeks ago and I am still waiting for my funds to roll over. I called Transamerica and was told that the money was in a hold by the IRS and had to go through a testing process prior to release. Evidently, when a business shuts down the way ITT did, the IRS has to review any 401-K funds to make sure they are in compliance. Once reviewed, they should be released to the new fund holder. I was told this could be a few week to a few months. I'm not happy about this but since ITT operated the way it did, they will always be scrutinized.
I have been trying to get the 401k rolled over to Schwab account and trans America has a different explanation every time I have asked them about this. First it was the IRS, then I was told they (transamweica) was doing the audit. I asked for correspondence stating why I can't roll it over and they have told me they can't give me a letter or any documentation. I call b---s---. Still looking into this. I just formally requested my money so they should get the papers this week.
I got mine a week ago. Here is what I posted in another thread:
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.
I took out a little of my 401k before bankruptcy. Then after bankruptcy I tried to take the rest but funds were then frozen due to IRS audit. Totally s---s. Not sure how to pay bills next month if I don't get a job. We have no recourse until further notice. More of ITT BS and lack of concern for employees. The big guys lined their pockets so they are not impacted by this.
Anyone get your 401k before or after ITT bankruptcy???? Many people need money to survive on while searching new job. Horrible they are holding our own money hostage!!