I have a 401K with previous employer, can this money be touched by him or anyone ?

I contributed every cent in my 401K , and company went bankrupt last july 06, i was told no one could touch this so i left it with the same investment firm, yesterday i get my statement and see $600.00 in deductions, when questioned i was told previous employer closed account and this was the fee for doing this, and I should contact them , does this seem possible?

What likely happened is that there was a floor on the fees and most other people took their money out before you. At that point the previous employer should have started paying the fees or sending you a letter telling you to roll your money over or the fees would go up exponentially. If you kept the same address as you always have and never received such a letter then I would contact the US Dept of Labor. The phone number is on the www.dol.gov/ebsa website.

Only other reason I could see for this is if your account balance was in the six figures in which case a 600 fee is about 3/4 of a percent and that's reasonable for a year's worth of fees.

Honestly, not sure. The company that serviced the 401K (not the compny you woked for) should be able to give you all the info. I do not believe they can just close it. They maybe should've notified you and gave you an option of rolling into another account. Call the 401K sponsor.

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