05.08.2009
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| 401(k) funds putting locks on cash
Lets hope they are just as successful locking the government out!!!! Quote: Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.
Even with recent gains in stocks, the months of market turmoil have delivered a blow to some 401(k) participants, freezing their investments in certain plans. In some cases, individual investors can't withdraw money from certain retirement-plan options. In other cases, employers are having trouble getting rid of risky investments in 401(k) plans.
When Ed Dursky was laid off from his job at a manufacturing company in March, he couldn't withdraw $40,000 from his 401(k) retirement account invested in the Principal U.S. Property Separate Account.
That fund, which invests directly in office buildings and other properties, had stopped allowing most investors to make withdrawals last fall as many of its holdings became hard to sell.
Now Dursky, of Ottumwa, Iowa, is looking for work and losing patience. All he wants, he said, is his money.
"I hate to be whiny, but it is my money," Dursky said.
| http://articles.moneycentral.msn.com...your-cash.aspx
Last edited by Baack; 05.08.2009 at 07.55 AM..
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