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?