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Jay asked:

Ok, I faxed a distribution request to my 401k Custodian requesting them to pay me my balance from my 401k as a rollover to an IRA. I meet all criteria. The problem lies in my address, as three months ago my physical address was undeliverable by the US Postal service, therefore, I called the 401k custodian to ask about this problem before faxing in the distribution form request, because the form states NOT to use a PO Box. My physical address is used for courier services like UPS or FedEX or DHL, but US Post Office wont deliver. The 401k representative said the funds would most likely be delivered a courier service requesting a signature for there proof and not to use the physical address or the request may be declined and/or delayed. I followed his instructions, and they ended up using the Post Office for the mailing. So of course the checks were returned as undeliverable (they ended up issuing a total of two checks to me) . The checks were issued out on May 18, 2009.

In the meantime, the US Post Offices have updated my physical address now as a deliverable address and I have started receiving mail made out to the physical address since late June. The custodian asked if I would like to have them re-mail both checks to my Post Office Box at which they would charge me a $35.00 stop payment/reissue fee for each check. I went back and fourth with them for a week, as I watched the market climb and climb, and asked if the custodian could simply re-mail the same checks they were holding to me before the 60 calendar date passed (because the IRS requires any retirement funds to be deposited into another retirement vehicle like and IRA withing 60 calendar days, or it is considered a direct distribution and subject to taxes and major penalties because I am under the age of 59 1/2 by the IRS). The 401k custodian states they re-mailed mailed me my checks on July 20th, which is now well past the 60 calendar days, and I have still not received my checks. I emailed a status back to the custodian, and they now want me to approve the checks to be stopped at a $35.00 fee each ($70.00 total) and reissued to my PO Box. What can I do? The amount is only a total of $6,000+ between the two checks, and attorney fee’s would probably cost me more than the $70.00 fee they want to charge me, and I am probably now subject to a 49% penalty by the IRS. This is there fault, not mine, so how can I place a formal complaint to the ERISA board’s or SEC, etc…? And how do I get my checks before the market peaks out and I am out of the market for any more time than is reasonable?

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