My previous employer (startup in Silicon Valley) was acquired by a foreign company about 2 years ago, and the parent company laid off pretty much everyone about 1 year ago, which I was a part of. I worked part-time this past year, so I kept my money in the old plan, but I recently moved on to a full-time job, and I want to rollover the fund to my current employer's plan.
I called the retirement provider (Empowerment Retirement) and they told me that the plan is terminating, so I can't withdraw my fund until the termination is complete. I asked how long that would take, and they said that it would be complete as soon as they receive the paperwork from the plan administrator. I asked who the plan administrator is, and it turned out to be the CFO of my former employee, whom I know was also let go. So I doubt that he would be doing the paperwork.
This was finally escalated to a manger after calling 3 time, and the manager told me that they actually can't find the plan administrator as well, so there is no timeline on when I can get my money. She told me that the plan has 3 administrators, the first one was the ex-CFO, then second person is a name that I never heard of, and the third is a firm called "Hicks Retirement". She said that if I can get anyone of them to sign off, they would let me withdraw.
I tried reaching out to the ex-CFO via LinkedIn, and still haven't heard from him after a week. I also called Hicks, and they told me that they are just a service provider, and can't do anything without the plan trustee, which is the ex-CFO. In fact they already contacted him multiple times and never got a hold of him. They are also not aware that the company was acquired.
I am wondering if there is anything I can do to get my money. The ex-CFO probably just doesn't care, and if I can get a hold of him, I am not sure if he really has the power. I am also wondering if it really is legal for Empowerment to hold my money like this (they have horrendous review on Yelp and they increase the fees significantly this past year). They told me that I could file a claim with the Department of Labor if the plan administrator can't be found, but they won't give me any additional instructions. Does anyone know how to file this claim. Thanks!!!