They said, The distribution timing for this plan is the second plan year following severance from employment. The final date of employment we have on record is 9/4/2015. Please submit your request in 2017 for your FBO account. As for the pooled balance, you will be eligible once the balancing has been completed for 2016.
As the other advisors pointed out, reviewing the Summary Plan Description document (SPD) is the first step to determining the distribution options and time frames associated with your specific plan. There is no rule of thumb as each Plan’s document tends to have its own special features. If you have terminated employment, any money that you have contributed to the plan is 100% vested and can typically be rolled over to IRA account, transferred to a new employer’s 401(k) account (if the plan document allows) or distributed to you in cash as a taxable event and with possible penalties depending on your age. If there are any employer contributions there can be different rules and vesting schedules. Once you obtain the SPD speak with the plan’s financial advisor, the HR Dept. or gives us a call to determine what options are available to you.
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Ask for a copy of the Summary Plan Document where this will be spelled out. Generally, distributions are available upon termination but not always
When you enrolled in the plan, you should have been given a Summary Plan Description (SPD). It is the layman's explanation of your rights under the plan. It should cover when and how you can take money out of the plan. If you don't have a copy of the SPD, get one from your HR department. Be sure it is dated prior to your date of hire. If the distribution policy and/or requirements are not in the SPD, ask HR for a written copy of the rule they are siting and the date the SPD was amended. If they can't/won't provide the information to you, your next call should be to the regional office of the U S Department of Labor. HR people don not like to receive phone calls from the Department of Labor. The advice above is from experience. It is not offered as legal advice nor should it be construed as such. Best of luck with your pursuit.
As both people mentioned above, the SPD is a great source of information. Further, from the little you posted, it appears they are mentioning two different things: the polled funds and the FBO funds. It sounds like the pooled funds (which are likely the funds you contributed) will be available in the near future, after they have completed the accounting for the plan's year-end. The FBO funds are likely matching/profit sharing the company kicked in. Except in rare cases, the employee contributions are almost always more than the employer contributions. As such, the majority of your balance might be available soon. Again, it's hard to infer too much from you you posted, but my suggestion would be to call back and get clarification on the distribution timing and amounts. Good Luck.
Brian Pinkston, CFA, CFP® Financial Advisor Anchorage, AK