Complaint Review: A.G. Edwards & Sons - St. Louis Missouri
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- Author Not Confirmed
- A.G. Edwards & Sons One North Jefferson St. Louis, Missouri U.S.A.
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- Category: Brokerage Companies
A.G. Edwards & Sons receiving 401k after termination St. Louis Missouri
*UPDATE EX-employee responds: 401K with AG Edwards - This is partly rebuttal and partly agreement.
Show customers why they should trust your business over your competitors...
I was terminated over the phone for staying home with my child, I was fully vested in my 401k, I called and spoke to a lady on the phone on receiving my money, they sent me part of it, because I did have 2 loans out against it, then she told me I could get the rest Jan 2005, they are now telling me that I can not receive my money until Jan 2006, that is my money they should not have any rights in keeping it. I am still unemployed, and a mother of two going thru a divorce, I have bills that have been unpaid and need it.
Lisa
columbia, Illinois
U.S.A.
This report was posted on Ripoff Report on 01/10/2005 08:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/ag-edwards-sons/st-louis-missouri/ag-edwards-sons-receiving-401k-after-termination-st-louis-missouri-126780. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 UPDATE EX-employee responds
401K with AG Edwards - This is partly rebuttal and partly agreement.
AUTHOR: Peyre - (U.S.A.)
SUBMITTED: Sunday, April 10, 2005
I am an ex-employee of A.G. Edwards. I left there to take a similar position with another firm. As I was preparing to leave I looked into my 401K to see how much I would receive. I had almost $50,000 and I was fully vested. In one place on the company's intranet it says you will receive 100% of your vested contributions upon leaving service.
After I left I applied to do a rollover and found out for the first time that although I was fully vested I could not receive the employer contributions unless I was age 55 or until after the second Dec. 31st of my departure. I left in early January. The advantage to this was that I received matching contributions for the prior year. Had I left in December I would have gotten my money sooner, but I would have lost about $4,000.
This stipulation is in the plan's fine print. You can even see it on the company's 401K website -- but it is hidden.
Frankly I wonder if it violates ERISA and the new vesting rules because in effect it creates a 7 year vesting instead of the 5 year cliff that A.G. Edwards promotes. That bothers me coming from a company that I had always thought was employee friendly.
However, I would say that I think the company has a culture of honesty and integrity that it is proud of and the decision to implement this rule was not motivated by capriciousness or intent to harm anyone.
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