The Corner

Bleg — Pension Plan Regulator

May I please beg for readers’ expertise in the area of financial regulation?

Some years ago, I was briefly employed by a firm in New Hyde Park, New York.

I had a 401K plan with them.

I have been trying to get that plan rolled over into one of my retirement

accounts. I asked them what to do. They sent me a Pension Distribution

Form. I filled it out & mailed it to them on July 7.

A month later I got a statement from the same old 401K plan. Obviously the

rollover hadn’t been done. I wrote to inquire. No answer came back.

A month later — same thing. I wrote again. No answer. (All these

letters, BTW, were Recorded Delivery, and I have the signed receipts.)

Another month… still no action. I just phoned them. A secretary said:

“Your forms are right here, waiting to be processed.”

After THREE MONTHS? I grumbled to the secretary, though not in an

ill-mannered way — it’s not her fault. She said they’d get on it.

Ten minutes later I got a call from her. The boss of the firm had looked at

my forms and found them incorrectly filled out. She would send them back to

me. After three months of no action.

Now, here’s my question. This is **MY MONEY**. This miserable excuse for a

business enterprise is merely custodian of it. Plainly, to judge from my

experience, being custodian of other people’s money is a thing they are

appallingly bad at. Presumably some agency of New York State has licensed

the firm to do this business, and regulates their doing of it. I should

like to register a complaint with that regulating agency. I don’t think

these dipwads ought to be in charge of my money, or anyone else’s. Does

anyone know what agency I can complain to? Answers please to</a.. Thank you!

John Derbyshire — Mr. Derbyshire is a former contributing editor of National Review.

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