anyone heard of 401(K) restrictions to be announced? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

A lady on M. Hyatt's board today posted a conversation with a lady in the insurance industry who alleged to know that the feds would in about 2 weeks impose restrictions on 401(K) monies, as in not being able to transfer the monies out of current selections. Anyone have any information on such a restriction? I find it plausable.

-- Les Holladay (, December 04, 1999


No, I haven't. However, the Richmond Fed. Res. has posted the following in THE FEDCASTER dated Dec. 3, 1999........

A&C Deadlines for Year-End work

The Accounting & Control Department has set the following deadlines for submitting work at year end. These firm dates and times have been established in order to provide more efficient year-end processing, as well as to prepare for the Y2K transition.

Dec. 27...last date to request corrections related to work processed in Nov. through Dec. 27.

Dec. 30 - noon...Last time to submit registered vouchers or invoices for payment in 1999

Dec. 30...Last date for travel statements to be submitted to the teller window to be processed in 1999; the teller will not accept travel statements on Dec. 31

Dec 31 - noon...Deadline for submission of entries to General Ledger or AC Entry (PACS) to be processed in 1999

Not that any of this would affect 401 (K). Even these directives to their employees could be prudent concerning the rollover.

-- Tommy Rogers (Been there@Just a, December 04, 1999.

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