Former Esurance employees & payout of Allstate pension plan

OK, for all of the former Esurance employees, that transitioned to Allstate, but were subsequently RIF'd in 11/2020... the vast majority of us did not have much in the Allstate pension plan since it had only been funded since around 6/2020, give or take. Since most of our balances were below the threshold to leave it in the retirement plan, we had to either take a cash out, roll it into an IRA, or have it rolled into our 401K. I opted to have it go into my 401K. They were supposed to have sent a manual check to the 401K. I can't remember if I received any notice of this taking place.

Today, I received US mail from Millennium Trust Company, and these id–ts put the money into a Traditional IRA. Is anyone else in the same boat, and had directed them to send the monies to your 401K account, and it didn't happen?

Comment! It's anonymous!

4 replies (most recent on top)

If you didn't follow up on it because you can't remember what happened then you have no one to blame but yourself. Appears it wasn't all that important, hmmm?

I was vested as I had combined 13 years with the company, vesting wasn't the issue. The issue is that you had to disperse the funds if they were under a certain amount, which I believe was $5,000. So in essence, any former Esurance employee would not have met this, since our pension funding only began in July 2020. I specifically spoke to them on the phone, and they were given instructions and agreed to it, that they were sending a check to my 401K. It just floors me that they agreed to it and then bounced when it came time to actually doing it.

You weren't vested, so yeah, that's how it goes

If not vested they can deny the request and roll into an IRA. Sounds like based on the timing that you are describing they did this to not mess with this on their books.

Thread regarding Allstate Corp. layoffs

Former Esurance employees & payout of Allstate pension plan

4 replies (most recent on top)

Post a reply