Five On Your Side Answers Cary Man's $64,000 Question
Posted May 25, 2006
CARY, N.C. — Most people who have 401(k) accounts or other investment accounts check their balances from time to time. They sometimes fluctuate, but they usually do not just disappear. But that is what happened to a Wake County man.
Mike Edwards was shocked to find out more than $64,000 he had saved for his retirement suddenly disappeared.
"You know, it's a lot of money. It's many years of pension that I've been saving up and suddenly to see it all gone, and it was just totally gone," he said.
Edwards worked for a company called A.T. Raymar for nine years before it went out of business. During that time, he contributed to a 401(k) plan that was handled by Decimal, a Web-based 401(k) company. When Raymar closed, Edwards wanted his savings transferred to an IRA.
But when Edwards checked his account last April, he said it showed his balance as only about $800. Edwards called Decimal. He said he got excuses and promises, but not the money.
"I've called them almost every week for a year. And sometimes multiple times a week. And just have gotten nowhere with them," Edwards said.
So Edwards called Five on Your Side, who called Decimal.
The company looked into the matter and put the money back into Edwards' account, which includes about $850 in interest.
"It just needed someone other than me. Someone to make some waves and push a little bit harder than I could," Edwards said.
Decimal would not give specifics to Five On Your Side, but Edwards said the company told him the problem was that his employer never signed the paperwork needed to move the funds. His money is now on its way to an IRA.