QUESTION

Retirement account liquidation by the previous employer, if I were to look for a lawyer what kind of specialty should I look for in the lawyer/firm

Asked on Oct 04th, 2011 on Business Litigation - California
More details to this question:
Hi, I worked for my previous employer for a little less than four years and during that time I contributed to 401(K) religiously, My company did not match anything. They provided a PCRA (Personal Choice Retirement Account). After I quit the company and established my own corporation I opened Individual 401(K) account with the same brokerage company. When I contacted the ex-employer about my PCRA 401(K) account. They indicated if I chose to I could still leave that account as is and operate without any issue, I did so due to lack of time. Recently, I got a letter from the ex-employer that they were making changes to PCRA account perhaps moving to another brokerage firm and I had two choices, either liquidate my funds or request for in-kind transfer which would allow me to move my existing PCRA to individual 401(K) as is. I did all the paper work a month in advance and submitted. Still due to someone''s negligence my account got liquidated without my approval. I need to file a suit.
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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It is difficult to understand how you have been harmed by the liquidation of your account. You can roll the proceeds over, tax-free, to an IRA. The IRA can be self-directed if you are interested in preserving a range of investment choices.
Answered on Oct 06th, 2011 at 8:48 AM

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