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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Finally over and we can get our money!
Received the letter from Transamerica.
I received paperwork for my 401(k) and also the old pension plan (because I am I’m an old timer employee from back when we had that pension) . In response to the post previous to mine, are you sure that the paperwork you’re looking at has to do with your 401(k) or are you also A long time employee who has a partial pension that was terminated years ago? As far as I can tell the 401(k) paperwork does not give a total amount that will be received in lump sum, only the pension paperwork did.
Just an FYI...I talked to Transamerica tonight and there is actually some progress after 18 plus months. Apparently there were packets mailed out on 05/16/2018 and the disbursements may be able to begin soon.
My statements have said I have about $20k in my account. Now I get the paperwork saying my lump sum is $6k. Does anyone know what gives?!? The offices are closed.
I called Transamerica last week and the Customer Service Rep said that they will be sending out letters sometime this year with details of the process to receive ITT 401k funds for roll-over or withdraw. I don't have a ton of money in the fund but it is my money I contributed for over 12 years. It funny if you owe a bank money they will harass you to know end with threats of legal action: when they owe you money they act as if your are requesting a loan. It is our money!!! Enough is enough!
Not quite sure but the posts have seemed to dwindle as of late. Have people started to receive their funds? I guess they wouldn't be on this thread if they had. I sure wish I knew. A year and 8 months since ITT filed bankruptcy and I still don't have my money. I will tell everyone if they have their money invested with Transamerica to move it immediately. These crooks are all playing a game at our expense.
I had worked for ITT ESI for over 15 years and had my 401k frozen too. I have information to share.
I did speak to Mrs. Fletcher and she did return my call. She was patient and helpful. She related that the IRS portion of this saga is done. What is left is minor admin tasks regarding "wording" from Transamerica's legal Dept. They in a phase called "de-conversion"
I tried contacting Transamerica today and the customer service rep just read "the script". That they were not clear to release the money due to the
" investigation of the IRS". Which is not true because that has already been done. Why can't they tell the truth?
Anyway, I posted a comment on their Facebook page asking when their part of the process will be done. They blamed the plan administrator and Mrs. Fletcher and tried to blow me off by just avoiding the question and referring me back to her.
I had already talked to her and I pointed out that they were not being truthful here with the facts.
They responded that it wasn't their responsibility with regards to when the funds will be available . One customer service rep told me that "it happens.... You know. Like ENRON"
That comment really made me nervous!
They related that they had a "team on this situation" but refused to give me contact names or numbers. It's all a big mystery - like the wizard of Oz that you are not allowed to find out.
I suggest that we continue to contact Transmerica so they know we want their "team" to please get busy and return our hard earned retirement income.
What do you mean by "Transamerica doesn't like the wording"? Do they agree it was favorable?
Bernadette fletcher says IRS has released funds. It is now Transamerica who is stonewalling. Hiding behind legal department because they don't like the wording. What they don't like is their resources are about to end. The free ride. No more charging prior ITT employees fees yet able to invest their money! Still, they are withholding money on purpose. No doubt most if not all prior employees will be taking their money elsewhere! Until then, Facebook Transamerica is a great place to post and warn others how Transamerica is now withholding money. Absurd considering when people would call it would always be "it's in testing. As soon as IRS is done they will release money". Lies!
Does anyone have a copy of the Determination Letter? I have found information on the IRS website on how to request this info / but was wondering if anyone has a copy. Please send me a text at if you have a copy. Thanks.
Bernadette Fletcher says she is waiting on Transamerica, and Transamerica says they are waiting on Bernadette Fletcher.
So here it is, April 2018 and nothing yet! i did call about a hardship but they never sent me the paperwork. i'm worried because i read you had to file a Claim to get your money back but when i got that paperwork the deadline had passed months prior. What can we do?
No new word on the hijacked 401K funds from defunct ITT. Anyone heard anything new lately? Received any new info from Transamerica? Requested a small hardship amount for a medical bill. Haven't event gotten that. They lie.
Now when I call Transamerica I get nothing but commercials as if they have been hacked, but when I called from someone else's phone I got Transamerica. It seems they are avoiding ITT Tech people. Call people call and make sure you call from other peoples phones.
Well then can you tell Transamerica that the determination letter was mailed in the middle of March. They have no idea. At least that is what they say.
As a program participant, I’ve never had a problem getting information directly from the irs re: the application status. You just have to have the correct EIN and there was a typo on the April 2017 letter re:app submission. The irs approval letter went out in the second week of March 2018 according to the rep I spoke with recently. So TransAmerica and Bernadette’s law office should have it by now. We should get information from TransAmerica soon.
Does anyone have access to the written policy of TransAmerica stating they can withhold funds for up to a year after the company files bankruptcy. If they filed in September 2016 and not April 2017, our funds should be released. Please reply here.
Same results here. I called Transamerica earlier today and they said they are still waiting for the IRS. The only way I could withdraw the money was if I could prove a financial hardship. Pathetic we can't even roll over the money - especially when I am fully vested!
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 [email protected]#$ 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.