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Old 12-17-2008, 06:25 AM
joe51
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Default Employer rights to transfer employee existing assets when changing plan providers

I would like to know if there is any situation that authorizes an employer to change an employee's existing contributions (without the consent of the employee)(whether made by employer or employee) to a new plan provider when the employer decides to change plan providers. The original plan provider was as a 403b and the employer changed plan providers to another company under 401k instead. Although we, as employees were provided papers to sign accepting the new plan provider, we did not sign anything that permitted the rollover of existing assets from the old plan provider to the new plan provider. It has also been disclosed that the old plan provider released assets of all employees to the employer instead of directly to the new plan provider. Is that legal?
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Old 12-17-2008, 06:37 PM
moderator moderator is offline
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Have you browsed through the information in LawInfo's Free Legal Resource Center to learn more about your issue yet? See: http://www.lawinfo.com/consumer.html. You can certainly try to speak to a lawyer to determine what legal options may be available. In the meantime, you may be able to learn more on your own. Search the "Free Legal Resources" tab, or browse the Consumer Resources. Good luck.
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