Thread regarding ITT Educational Services Inc. layoffs

FAQ on ITT Tech retirement, pension, health insurance, and student loans, etc

Bankruptcy court posted FAQ here:

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

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Post ID: @KFRAQbc

7 replies (most recent on top)

employers have liability if they loan 401K money and lay you off.

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Post ID: @KFRAQbc-5icwv

They may be liable if they approved a loan and then laid you off so you can't pay it back

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Post ID: @KFRAQbc-2foos

You know that Modany worked for Enron?

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Post ID: @KFRAQbc-1Ofap

They won't give us our money either. Transamerica s---s. Dept of labor says they are keeping it Transamerica hides behind IRS. They are using our money to invest and get richer while many of us still are unemployed and can't pay our bills. They also like to send letter of loans prior against 401k being in default. They are crooks. Post on their FB and warn other people to keep their hard earned money

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Post ID: @KFRAQbc-1xpmh

I submitted a request for full withdrawal of my 401k funds from Transamerica and was informed by one employee that release is pending a letter to their organization from the IRS. I plan to retain legal counsel as this information is false. Why am I paying an organization money to hold my funds hostage.

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Post ID: @KFRAQbc-1xncb

Thank you for posting this. While I was able to change my elections, the account still reads ITT ESI, so I don't know if I can take this money out. I don't need it immediately, but it would be nice to have since I'm having difficulty finding employment in my field. I do believe the TAINT of ITT is affecting that. This whole situation was handled so poorly; from cutting our insurance off the day they closed, to no information, to trying to get one's personal items from the building, but no one would answer the door - although the management was in the building! This has been the worst employment experience I've ever had.

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Post ID: @KFRAQbc-1vqbg

Hello,

I wanted to share my experience to be of help to other ex-employees of ITT ESI. I worked there as an instructor for 12 years and I saved for my retirement with TransAmerica with them. I learned that I could not access my funds for roll over 4 months ago. The 'Trustee' informs us that it could take up to a year. I called Ms. Caruso's office and spoke to her and her para legal twice. They informed me that they have no idea who to call or when it will be done. The Para Legal informed me that 'there have been big changes in Washington with Donald Trump's election. I replied, "What has that got to do with this? This account is mine."

There are hardship situations where they CAN release the funds. If they can do that - why not for everyone? This is fraud.

I contacted TransAmerica and demanded that they release our retirement accounts. 6 Months is long enough to sort this out. I was going to contact the Financial Media about this and it will prove costly to them - in bad publicity. It's like Enron all over again!

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Post ID: @KFRAQbc-1urfj

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