401K problems

Discussion in 'New Century Transportation' started by No1spec517, Jun 28, 2014.

  1. No1spec517

    No1spec517 New Member

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    Just wondering if anyone else is having problems rolling over their 401K's i was told the IRS has frozen all accounts and doing an audit (which i was told could take yrs to release so we can roll over) also we may lose what ever new century put in ( not our money but matching) since they filed for bankruptcy I have no clue never had this happen before and i went thru 2 other companies filing (no not jevic)
  2. Relay

    Relay Member

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    Standard procedure when a company files for bankruptcy.
  3. xeastend

    xeastend Well-Known Member

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    When Jevic went out, I kept all the 401k money. Including the vested portion of the match.
    There was no investigation. I know there was a time frame before I could roll it to an IRA.
    Forget what it was. Within 6 months I think
  4. Nctshopsteward

    Nctshopsteward Active Member

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    Has anyone been able to get their 401 k money yet
  5. IrishMarine

    IrishMarine New Member

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    This is what I received via Email:
    As you are aware, New Century, Northwind Logistics and Western Freightways are current in chapter 7 bankruptcy cases on June 11, 2014. As a result, Catherine Youngman, who was appointed chapter 7 Trustee by the United States Department of Justice, Office of the United States Trustee, is charged with the duty of taking the steps a plan administrator would take in terminating the 401k Plan. This is required under section 704(a)(11) of the Bankruptcy Code. In furtherance thereof, our firm has prepared, and will be filing in the near future, pleadings authorizing her to terminate the plan and retain professionals to assist in the termination of the Plan. You will receive copies of the pleadings when they are filed with the Court.

    Funds cannot be distributed to any participants until all costs associated with terminating the 401(k) Plan are paid. These costs include legal fees associated with terminating the Plan and accounting fees for preparing audits for the years 2013, 2014 and, if necessary, 2015.

    The Trustee will send out periodic updates to participants by email only. We have placed you on our list of participants to receive such updates.

    Thank you.
    Kathryn Anema, Legal Assistant

    Forman Holt Eliades & Youngman | Attorneys At Law

    80 Route 4 East, Suite 290
    Paramus, NJ 07652
    T 201.845.1000 Ext. 388
    F 201.845.9112
  6. newpenn22

    newpenn22 Well-Known Member

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    I'm sorry to hear that u guys lost your jobs. New penn is looking for some hard workin guys.

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