srqbill
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Posts: 2
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Post by srqbill on Nov 9, 2005 23:23:02 GMT -4
Anyone having any luck getting certs from fidelity for 401k's, seem to be running up against a brick wall there due to fund rules that prohibit like kind distributions. Have emailed response to task force no answer yet on what can be done.
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Post by Tom Fant (tfant53) on Nov 9, 2005 23:35:32 GMT -4
I have not seen an answer to that one anywhere. I'll do some more checking around.
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Post by Tom Fant (tfant53) on Nov 10, 2005 12:24:28 GMT -4
As mentioned in this post by Dr.D (millionaire board) 401k's are being addressed by the "Task force":
There are alternatives that can be worked out.
The Task Force is in the progress of bringing a solution to the table. This is not something that has been overlooked by the Team.
There are a lot of things on the Task Force's table right now, and the 401K issue is one of them. I know of nearly 50 individuals so far that have withdrawn their CMKM Diamonds shares from their 401K, so I am not sure I understand what the difficulty is.
These individuals stated they spoke with their company reps handling the 401K's and explained the necessity to fulfill the company's specific request to pull certificates, and it was done.
No hassels whatsoever.
If you have specifics maybe we can help find a solution.
I believe the Task Force will assist in these circumstances, but I am rather confident that "no exceptions" will be allowed to the certificate pull and presentation for distribution.
Any electronic shares left in "any" account, IMHO, will have to be resolved through each clients respective broker/dealer, as there is "no way" that they will be permitted to be paid directly from the company's distribution.
Those that cannot pull certificates will not be "bona fide", and those that can and do will be bona fide. Bona fide are covered by the company and the non-bona fide will be left to be covered by the market. It has always been that the NSS would have to be covered by the market, but prior to the certificate pull, no one knew which were NSS and which were not. Now we'll know. The determination is being made between now and 31 Dec, 2005 or up to the time the certificates run out.
I hope this help.
Dr.D
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srqbill
I just signed up, Welcome ME!
Posts: 2
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Post by srqbill on Nov 10, 2005 18:55:22 GMT -4
The 401K I'm talking about is a Pepsico Hourly 401k Brokerage link account. 401K's have different rules from what I understand and that's what makes distribution of certs more difficult in some. The one I'm in according to fidelity wouldn't even let me get certs if I was retired because they don't allow any like kind distributions. Does anyone out there have shares in this 401k that has pulled certs? Or know of anyone in this 401K that has?
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