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What does this actually mean? Can’t transfer my 401(k) out after quitting.

My job changed payroll providers several months ago, from ADP to some small crummy place. My last day of work (I quit) was Sept 2. Two weeks after my last day, I submitted paperwork to roll my 401(k) into another account at a brokerage. My work said “not now you have to wait two weeks”. The reason provided was this: “The process of transferring funds into the 401k account is lagged. That means that all of your 401k funds are not in the account yet.” How does it work when a company changes payroll providers? Can they do that?


My job changed payroll providers several months ago, from ADP to some small crummy place. My last day of work (I quit) was Sept 2. Two weeks after my last day, I submitted paperwork to roll my 401(k) into another account at a brokerage.

My work said “not now you have to wait two weeks”. The reason provided was this:

“The process of transferring funds into the 401k account is lagged. That means that all of your 401k funds are not in the account yet.”

How does it work when a company changes payroll providers? Can they do that?

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