Who regulates 401k plan administrators?

The Employee Benefits Security Administration of the Department of Labor is responsible for administering and enforcing the provisions of Employee Retirement Income Security Act. ERISA covers most private sector pension plans.

How do I file a complaint against my 401k?

If you think the plan trustees or others responsible for investing your pension money have been violating the rules, you should call or write the nearest field office of the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA).

Can I sue my employer for 401k?

The U.S. Supreme Court ruled unanimously that workers could sue employers to recover losses when their 401(k) accounts were not handled in their best interests. Companies also may raise administrative fees in the plans to cover the threat of new litigation, they said.

Does my employer have control over my 401k?

Your employer can remove money from your 401(k) after you leave the company, but only under certain circumstances. If your balance is less than $1,000, your employer can cut you a check. Your employer can move the money into an IRA of the company’s choice if your balance is between $1,000 to $5,000.

What are the responsibilities of a 401k plan administrator?

Plan administrator responsibilities

• Consultation on initial plan design.
• Preparation of Summary Plan Description for participants and beneficiaries.
• Approval of transactions (loans, distributions, etc.)
• Monitoring compliance with plan rules and federal regulations.
• Discrimination testing and audit support.

How do I contact a 401k administrator?

Contact Information Please contact your company administrator if you need further assistance or contact us at 800-929-2170.

Where do I file an Erisa complaint?

Contact your regional EBSA office to file a complaint or an appeal after exhausting your insurance appeals process. You can also find ERISA information through the U.S. Department of Labor online at www.dol.gov/ebsa.

How do I get my 401k after I quit?

There are several options available to you other than just leaving 401k funds behind in your former employer’s plan, including the following:

1. Rollover the money into your new employer’s 401k plan.
2. Rollover your old 401k money into a new IRA.
3. Take a lump-sum distribution.
4. Start making qualified distributions.

What triggers a 401k audit?

If a company’s 401k plan has 120 eligible participants on the first day of the plan year, an audit is required. An eligible participant is anyone who is an employee of the company who meets both the statutory IRS requirements and the requirements of the company’s 401k plan agreement at the beginning of the year.

Is there a statute of limitations on 401k?

Generally speaking, the IRS statute of limitations runs for a period of three years from the date Form 5500 is filed for a given year. If extended, the Form 5500 must be filed no later than nine and a half months following the close of a plan year.