Just found out that the 401K plan is frozen. Apparently, the FBI is investigating that also. Who knows when we can get the money out of the plan. Sure could use it, Can't make it on 200.00 a week. and no work in sight. Might be filing BK myself. Thanks Kevin and crew.
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Deductive reasoning would lead to the (correct) assumption that any reimbursements to be processed would be by now. There is no money left in the bank under ITT's control and beyond that there is no one left at the remenants of HQ to process. Any outstanding amounts due to a former employee are not coming....and if a check lands in your mailbox, doubtful it will clear as there is nothing in the bank to back it up. All of ITT's liquid assets (cash) were transferred to accounts controlled by Cerebrus to mitigate their losses on their loans to ITT.
Only thing unpaid reimbursements are good for now is a tax write off. There is a very long line of creditors and if there is anything coming after liquidation, it will be pennies on the dollar.
If your expenses are on a corporate AMEX...call AMEX to double check but apparently the mantra that these cards will impact individual credit scores and are the liability of the individual before the company is bull. Like I said, double check with AMEX; however, if the balance is sitting on an ITT AMEX and it does not impact your credit--let it sit and they can chase down the money since it was an ITT secured card with the employee only as an authorized user.
In regard to this in the last reply: "Anyone notice last/final round of reimbursement direct deposits seem to have come from a DWC account instead of ITT?" Was it the final round - how do you know?? I'm waiting on a reimbursement check.
401k is protected by federal law and cannot be touched by an employer once deposits are made and you are vested in the employer match. If you were not vested in the employer match, my guess is that ITT would have pulled that amount back shortly after the date of termination. They have dropped the ball on a ton of things--but that would have meant more potential money for Kevin & crew. So sure that was prioritized over graduating students, degrees, organized shutdown, etc....
Direct deposits 5 days out should be clear by now. Paper checks not yet cashed and cleared are worthless. Anyone notice last/final round of reimbursement direct deposits seem to have come from a DWC account instead of ITT?
The national NACHA (The Electronic Payments Association) guidelines say that an employer is permitted to reverse a direct deposit within five business days. Assuming that no applicable state laws override that, this is the guideline the employer must follow. Once five business days pass, the employer is no longer allowed to reverse the direct deposit. If the employee is in a state where direct deposit reversals are restricted, such as California, the employee must either sign off on the reversal or the employee has to pay back the employer manually.