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alstry (< 20)

Good Luck Getting $$$$ out of your 401K!!!!!!!!!



May 06, 2009 – Comments (2)

From the WSJ: 

Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.

Even with recent gains in stocks such as Monday's, the months of market turmoil have delivered a blow to some 401(k) participants: freezing their investments in certain plans. In some cases, individual investors can't withdraw money from certain retirement-plan options. In other cases, employers are having trouble getting rid of risky investments in 401(k) plans.

When Ed Dursky was laid off from his job at a manufacturing company in March, he couldn't withdraw $40,000 from his 401(k) retirement account invested in the Principal U.S. Property Separate Account.

That fund, which invests directly in office buildings and other properties, had stopped allowing most investors to make withdrawals last fall as many of its holdings became hard to sell.

Now Mr. Dursky, of Ottumwa, Iowa, is looking for work and losing patience. All he wants, he said, is his money.

"I hate to be whiny, but it is my money," Mr. Dursky said.

YA RIGHT.......................................and Alstry didn't even make this up........


2 Comments – Post Your Own

#1) On May 07, 2009 at 12:59 AM, TMFSpiffyPop (99.79) wrote:

This story merited 9 exclamation points in your title, and more than I can count in your commentary? Because some guy in Iowa that the WSJ found couldn't withdraw money in an illiquid real-estate venture? While that's disappointing for him, and points to the troubled nature of the real estate industry, it hardly merits the panicky treatment of the author of the poster. Listener beware.... --David

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#2) On May 08, 2009 at 2:03 PM, clanza875 (34.77) wrote:

This was made very clear to the investors in these funds.

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