QUESTION
Can Morgan Stanley cash out my 401k without my permission or knowledge?
Asked on Nov 09th, 2012 on Taxation - Washington
More details to this question:
I received a statement for my 401k and found a large discrepancy, when I called the company, they said that the fund was cashed out and a check was mailed to me. I never received a check that was sent in March, and the company deposited the amount in a stable fund. The issues I have with this are 1. Can they do that? 2. Since they withdrew the money, they charged fees for the early withdrawal and then I was charged taxes. I just want to know if I have any legal grounds and if I'm going to lose 50% of my 40 years of retirement because of mistake or failed communication from the investment company?
1 ANSWER
No, Morgan Stanley can not cash out your 401K without your permission. You should contact an attorney who handles litigation and discuss the claims you have against Morgan Stanley for the fees they charged and the taxes you had to pay.
Answered on Nov 14th, 2012 at 1:41 AM