Question
Please help! I was employed with a small co. and it closed down.?
The owner did not pay all my wages and even worse I invested thousands in 401k a plan. Being that I was without a job I attempted to do a disbursement from my 401k. The company (PAYCHEX) will not release my funds due to the fact that the owner owes them money for payroll services. Now they can not locate the previous owner due to the fact that he is running from law enforcement. I then tried to file unemployment and found out that he has not been paying taxes for 2 years. I contacted the Dpt of Labor and they are moving VERY VERY slow. I need help please can anyone help me?
6 months ago - 3 answers
Best Answer
Chosen by Asker
This can be a very frustrating circumstance that you're in. The best suggestion that I have to offer for you is to keep up to date with the Dpt of Labor, and also try consulting with a lawyer that deals with commercial business. Since you invested a lot into the company, and the owner did not pay you all of the wages that you have made, you need to talk with someone about it. In conjunction with the lawyer and the Dpt of labor, you may be able to work something out. Good luck!
by mtwaites
6 months ago
Asker's Rating: 
Other Answers
It's reasons like this why I don't work in the 'corporate world' any more. Just be persistent and stay on them!
by Jennifer- 6 months ago
You should be allowed to roll over your 401k for the part that was your money. I don't believe Paychex has the right to withhold YOUR money. If he did not pay taxes then there is no unemployment benefits for you - I would imagine the DOL is deciding on how to handle that. The guy will eventually be caught, not that it will help you right now.
by knowitall- 6 months ago