Question about a company profit sharing rollover

This is one forum where I do a little looking but zero talking (I know, not like me at all).  I'd appreciate some sound advice because this problem is beginning to really piss me off.

I left a company profit sharing account at an old employer.  Always got annual statements and the last showed a fully vested value of $16K.  My banker said I could do a rollover without penalty into one of the banks retirement accounts.  This sounded like a great idea because I'd now have control over the the new account rather than my old employer.

The bank end went very smoothly.  Opened up the new account with a $3K deposit and filed the rollover paperwork off to the "Trustees" with my old employer.

Well, 8 weeks later I am still getting stonewalled with every excuse in the book.  "The original filing went to the accountants instead of the investment company", "We had to wait for the annual auditing to be completed", "there have been several employees requesting service and we are swamped", yada yada yada.

Today I was informed that the rollover paperwork was finally forwarded last week to a Morgan Stanley office in Florida but they could not tell me how long the transfer of funds will take.  When I asked for a contact name and telephone number, I was told I could not contact them directly.  WTF?

I'm planning on talking to my attorney on Monday morning, but this is going to have me steaming all weekend.  So, finally, my questions...

Why is a company profit sharing retirement account being treated differently from a company 401K?

Why aren't some of these "Trustee" clowns IN JAIL for handling other peoples money so casually?

What questions should I prepare for my attorney?

What legal actions can or should be taken at this time?

BTW, this is a family run company with approximately 500 employees.

Thanks for listening to my rant.

Get the receiving firm involved, have them hound the sending firm.

A 401k (profit share) is no different than a company 401k..its the same thing, more than likely they are just being difficult and outside asking them to cut you a check and mail it, getting the firm you are sending them to would be the way to go.

Just an FYI...these things can be done electronically, it really takes no time at all, they are just being difficult.

WSC: I did talk to the receiving end.  Their retirement accounts department says they monitor all activity but "really can't get involved directly with my old employer" and that "it's the customers responsibility" to hold the Trustees feet to the fire.

I swear, everybody just passes the buck these days, nobody seems to do their job any more.  Maybe if it was an eight figure transaction, things would be different.

My fault for not taking care of this long ago.

See I dont buy that..

When I worked for a broker and we were bringing in accounts, we could hound them..call the account transfer department, etc etc..but they are right if the firm wants to be a jerk they can be.

If you had brought this up prior to doing it, I would have suggested going with Scottrade..local office and might be more willing to go that extra mile. I get the feeling where you are transferring to is a large firm right?

And good point about the funds figure..if it was a big wad, they would probably take more action..or if you had a large net worth with the firm they would do more for you..unfortunate but true.

WSC: I finally FIRED Bank of America earlier this year.  Scumbags.  All my banking is now with Peoples, a regional New England bank (might be THE biggest regional up in these parts, I'm not positive).  Yes, Peoples is on the receiving end of this rollover.

Talked today with a Morgan Stanley Rep who had access to national accounts.  He said my SS# appeared NOWHERE.  Obviously my old employer was bullshitting when they said "the paperwork went out last week"  What concerned me most about this conversation was that I was informed that SOME Directors of Company Profit Sharing Accounts can limit their transactions to only a few designated business days annually.  He said he's heard of some of these rollovers taking up to SIX MONTHS.  Are you serious???

Second call today was to an attorney specializing in financial matters.  His advice was to start sending them certified letters on a weekly basis.  Apparently, my countless telephone conversations mean squat.  Letters provide DOCUMENTATION and if the attorney has to eventually send a DEMAND LETTER, it will add some bite to the bark.

I find it simply UNBELIEVABLE that employers can manipulate  other people's money like this with absolutely no accountability.