I got a Medallion Signature as required by Transamerica 2 weeks ago and I am still waiting for my funds to roll over. I called Transamerica and was told that the money was in a hold by the IRS and had to go through a testing process prior to release. Evidently, when a business shuts down the way ITT did, the IRS has to review any 401-K funds to make sure they are in compliance. Once reviewed, they should be released to the new fund holder. I was told this could be a few week to a few months. I'm not happy about this but since ITT operated the way it did, they will always be scrutinized.
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I talked to Bernadette. She said that it has never occurred within one year from the file date. All they can do is guess. There is a plan determination department that does not talk to participates.
Transamerica told me to call Bernadette Fletcher at . She is the one hired as the plan administrator. She didn't answer when I just tried.
They are still saying the IRS is slowing the process, 17 months later. I feel we got what the owners of ITT Tech wanted when they hired Modany, an arthur anderson/ENRON pos running our retirements into the ground just like they did with ENRON. Time for a class action lawsuit against Modany, ITT Tech, and Transamerica. Looks like they have CONSPIRED to steal from us.
Does anyone have any info on when we can get our on money? I call #$ on Transamerica s excuse. No way does it take this long for them to figure out the money... We didn't have that many employees ... Time to start rattling some heads.
Any updates re the ITT Tech 401 K Distribution? It has been a year since the college closed, and still waiting to receive 401 K funds.
Latest was told many April 2018! Do you think they will ever give us OUR money??????
Has anyone heard anything on the 401k release of funds yet?
I have experienced the same run around as many of you. One of the letters I received from the trustee says contact the Department of Labor. They told me they don't have anything to do with the release of 401K funds. After multiple calls to multiple agencies, I have gotten no results. I'm ready to put Transamerica on blast and call a news agency to investigate.
Isn't that convenient. Bankruptcy hearing was set for June. But was moved to September. Furthest thing on the docket. Hardships only way to go. Medical bills. Eviction notices. They don't care if you're losing your car tho. Fees to get your own money. This is total BS
I contacted the Employee Benefits Security Administration today and was able to discuss the situation with a representative. She said that their Cincinnati office already has an official "file" opened on ITT Tech, so she's going to forward my complaint/concern to them for review. She did confirm that the audit process could take a long time and also added the comment that once TransAmerica gets to the point where they plan to release the money, they have to contact every former employee affected. As she put it to me, "If there are 100 people, and TA can contact 98, they have to do a due diligence thorough search for the other 2 before they can finalize the account and start releasing funds." So, I'm under the impression that it could still easily be 1/2 - 1 year or more at this point. Very frustrating. I would suggest that as many people as possible contact that agency at . It couldn't hurt, and might help, to have us be the group they want to process quickly to get rid of.
I just got a letter form the trustee in the bankruptcy case. The letter says the application will be filed on April 14, 2017 for an advance determination as to whether the plan meets the qualifactions etc. etc. etc. In other words, the application has not been filed yet. So, if there has been no application filed yet how can they refer to honor our requests for withdrawals and transfers prior to the application being filed? Also says it may be up to a year form the filing date, so maybe April 2018?????? I wonder if we will ever get our hard earned money? One thing for sure, I want it out of their hands.
make the call about our retirement funds being held. there is strength in numbers and if enough people call then we will get their attention! call today. the information is listed above on whom to call
Anyone still being given the run around by Transamerica? Interested in joining a class action lawsuit?
I just called the employee benefits retirement system that is referenced in another entry and logged my concern in. I have actually called twice and these folks are very nice and helpful so don't be afraid to call and login your concern about the delay etc. Nothing has changed and the guy told me it could be a very long time until we hear and then we will receive notice. It may take up to a year; maybe longer. says IRS is never in a hurry etc...........I really encourage everyone to call; sometimes there is power in numbers..
according to the omni mgt website a hardship withdrawal from YOUR 401k can now be submitted but you have to meet the criteria. That means for those of us who are trying to get our funds that are being held hostage transferred to other accounts; we are still out of luck. for those who need immediate help check it out..............god bless
I called another financial institution to have my funds rolled over from my ITT-Tech 401k that is currently be held hostage at Transamerica back in September 2016. The financial institute sent me the paperwork and I sent it back to them. Then then sent it to Transamerica and kept requesting a response. They then sent me a letter stating that Transamerica was not responding. I then called Transamerica requesting my funds to be rolled over and they said "oh, they needed the original signature form". I resubmitted the paperwork and in October, I still didn't hear anything. Long story short, I called in November 2016 on a conference call with my new financial institution representative on the line and had Transamerica explained what was going on and why there was no response to moving my funds. The representative told us that "they have to wait on the IRS to send them a clearance letter before they can release the funds". My current financial institute stated that they have never heard of that before. All the while Transamerica had been lying to me talking about the paperwork was incorrect and missing information.
After many many phone calls, to various different government agencies to find out what was going on, and finally to the Employee Benefit Office and the trustee Debra (she won't return your call), I found out it is a Transamerica policy to wait up to a year till all the issues with the ITT-Tech office closure is resolved. They are basically holding each person funds and profiting from the interests off it and can do so up to a year but blames their process on the "IRS clearance letter". I swear, base on their lies, the best thing to do is contact your District Attorneys office and/or get a Class Action Lawsuit going for them holding the funds illegally. In my experience with the POS company, I would never do business with them and have told 100 times the amount of people about their garbage. Release people funds you pathetic incompetent jerks! Let's start a Class Action Lawsuit!
telling you the IRS is holding the funds is a big lie. Transamerica has a policy that if a company files BK it is their policy to hold the funds up to a year. I tried to roll my funds over to an IRA I have and the bank told me they never heard of such a thing. It is all Transamerica and not the IRS.
As expected, I called and left multiple messages for Debra Caruso and her paralegal and they do not even have the professional courtesy to return calls or emails.
My funds are being withheld from me with very little recourse or communication from the Trustee. My funds should not be entangled in Kevin Modany's mess.
Still haven't received my 401K money. Has anyone heard any more info on this?
I am so sorry - I received my funds a mo the ago.
There are other avenues also to make some noise on this issue. Some "testing" has been completed as some funds have been disbursed to individuals but not all.
People can and should call , which is the Employee Benefits Security Administration and ask them to record that you have an inquiry into the delay and lack of information provided in regards to the plan status.
The other is, of course, is to contact via mail, etc. the Trustee Deborah Caruso whose address is 135 N. Pennsylvania St, Suite 1400, Indianapolis, IN 46204 or . The phone number won't do much except play a message. They have a website at ittchapter7.com where you are supposed to get information but the website isn't functioning. Ms. Caruso's paralegal has been informed of this.
FAQ listed on this page does come from Omni Bankruptcy. The base page is omnimgt.com and you can search for ITT. The FAQ posted lists the information about the chapter 7 website, etc.
The main issue is that the trustee, Ms. Caruso has ok'd for Transamerica to hold the funds for up to a year (per a DOL contact). If the trustee does not move forward on completing the paperwork with the IRS (and then the IRS takes there time), it could be a while. Squeaky wheel gets the grease, so the more people that reach out and document their unhappiness, the faster it "may" move. Feel free to spread that word as there is power in numbers!
I have been calling transamerica every week and hearing the same thing. Transamerica refuses to acknowledge in writing anything they have communicated. Today I talked to an IRS agent who said the IRS will not give me time of day on this. He says he has never heard of something like this and says it does not sound correct to him. My suspicious level is high. Has the IRS put a lien on our 401k? Why won't transamerica confirm what they tell us in writing? I don't know what is going on. Right now I suggest we continue to call transamerica and ask them hard questions. If it does not break soon we may have to get some of us together and visit an attorney. We deserve to know what is going on with our money.
I have found more information in regards to ITT tech 401k being placed on hold due to IRS testing.
I dont know how reliable to website is, but this is more information that what TransAmerica could give me. It doesn't look good for those who were looking in withdrawing funds before the end of the year.
I contacted TransAmerica today when I heard a rumor that my 401k was possibly frozen and I was not going to be able to withdraw or roll over my 401k any time soon. When speaking with them they confirmed the rumor and they said they had no further information. I was hoping to withdrawal some funds before the end of the year to avoid going over my tax bracket, since i had significant loss of wages this year. Does anyone have a clue how long this could take? Is there a contact ? I was told this happen when ITT Tech decided to file for Bankruptcy.
On the 19th of September, I got a phone call from Transamerica advising me to roll over my 401(k) to an IRA to avoid possible compications. So....
I requested my 401(k) transfer by fax on September 20. A few days later, I called Transamerica and they told me that they required the original paperwork, not a fax. I sent the original and the money was sent to Fidelity on the 26th.
It looks like I avoided problems by acting quickly.
Let's all call transamerica and the irs this week and see what we can learn post results of what we find out
I'm also confused on why this is taking so long. Does this affect people who are drawing actual retirement payments? How long does an audit take? Isn't it completed electronically? I think there is more to this story than what we are being told. Not sure who to speak with to get real answers.
I called trans America again today and they still claim the IRS is doing a test. I don't trust them and am attempting to find out if this is the truth
Make sure your paperwork was completed correctly. Mine was pre-populated with my first and last name however I signed it using my name including my middle name. I resubmitted my paperwork with my signature matching my printed pre-populated name and I had my funds 2 days later. I received my funds 2 weeks ago.
I rolled over my 401k about 1 year to a new bank---glad I did. You should get access to your money, but it will be at least 4-6 months. Until then, stretch your severance & unemployment (if you are still looking).
I need this money now! Is their any updates as to when it will be released??