Quantcast

1 year after St. Pete company shutdown, employees can't access 4 - Greenville, NC | News | Weather | Sports - WNCT.com

1 year after St. Pete company shutdown, employees can't access 401Ks

Posted: Updated:
ST. PETERSBURG, FL (WFLA) -

Almost a year after federal agents raided the company offices in St. Petersburg, some Universal Health Care employees are still dealing with financial fallout.

About 200 participants in the company’s 401K plan can’t access their money because it’s been frozen by Universal’s bankruptcy trustee.

“I want that money back,” said Jane Pellerin, a former Universal employee frustrated over delays in getting to the funds she had in the plan.

Pellerin’s account, which totaled more than $100,000 at the end of the year, included not just money she contributed during her time at Universal, but throughout the rest of her career as well.

Especially because of the way the company shut down – with federal agents on site – Pellerin and her husband are nervous about getting access to that money.

“It’s not in our custody,” Tim Pellerin said.

A benefits attorney advising the bankruptcy trustee on the 401K plan told News Channel 8 the money is safe, and it takes some time to “wind down” a 401K plan and arrange to let everyone get distributions of their money at the same time.

“The money is exactly where it was before the bankruptcy,” said attorney Roberta Casper Watson.

In this case, Watson said part of the delay came from dealing with an accounting issue that involved figuring out who made before-tax and who made after-tax contributions to the plan.

In addition to waiting, participants in the plan also have another unknown – how much they’ll have to pay in fees to those who’ve handled the 401K plan over the past year. The need to distribute those fees is one reason why everyone has to be given distributions at the same time, so the fees can be divided amongst participants, Watson said.

Watson said plan participants could get access to their funds within the next few months.

For tips on how to protect YOUR 401K, click under "Additional Links".

Copyright 2014 WFLA. All rights reserved.



  • Don't Miss ItMore>>

  • Panthers' Hardy won't play Sunday against Detroit

    Panthers' Hardy won't play Sunday against Detroit

    Sunday, September 14 2014 12:55 PM EDT2014-09-14 16:55:52 GMT
    Hardy was convicted in July on one count of assaulting a female. Hardy was convicted in July on one count of assaulting a female.
    Panthers defensive end Greg Hardy is inactive for Sunday's game against the Detroit Lions.That news comes just two days after Panthers coach Ron Rivera said the Pro Bowler would play.Do you tweet? We do! Join us on http://8.wfla.com/1dsYrjSHardy was convicted July 15 of assault on a female and communicating threats. He is appealing the ruling. He was active against Tampa Bay in Week 1.Mario Addison is expected to star...
    Panthers defensive end Greg Hardy is inactive for Sunday's game against the Detroit Lions.That news comes just two days after Panthers coach Ron Rivera said the Pro Bowler would play.Do you tweet? We do! Join us on http://8.wfla.com/1dsYrjSHardy was convicted July 15 of assault on a female and communicating threats. He is appealing the ruling. He was active against Tampa Bay in Week 1.Mario Addison is expected to star...
  • Gators survive 'Swamp' scare, beat UK, 36-30

    Gators survive 'Swamp' scare, beat UK, 36-30

    Sunday, September 14 2014 11:14 AM EDT2014-09-14 15:14:06 GMT
    Matt Jones scored the game-winner in the third overtime period on Saturday night. Matt Jones scored the game-winner in the third overtime period on Saturday night.
    Matt Jones plunged across the goal line, and before he could even get to his knees, was mobbed by teammates.Jones' 1-yard run in triple overtime gave Florida a 36-30 victory over Kentucky on Saturday night, extending the Gators' winning streak in the Southeastern Conference series to 28 games.
    Matt Jones plunged across the goal line, and before he could even get to his knees, was mobbed by teammates.Jones' 1-yard run in triple overtime gave Florida a 36-30 victory over Kentucky on Saturday night, extending the Gators' winning streak in the Southeastern Conference series to 28 games.
  • Win ticket to Halloween Horror Nights 2014 - Universal Studios

    Win ticket to Halloween Horror Nights 2014 - Universal Studios

    Friday, September 12 2014 9:20 PM EDT2014-09-13 01:20:02 GMT
    Enter here.
    Enter here.
  • Most Viewed Stories on WFLA.com

  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
Powered by WorldNow

3221 South Evans Street
Greenville N.C. 27834

Telephone: 252.355.8500
Fax: 252.355.8568
Email: newsdesk@wnct.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.