Woman drains ex's retirement account of $42k...

[bradistani]

Woman drains ex’s retirement account
By Barbara Whelehan · Bankrate.com
Friday, December 7, 2012
Posted: 5 pm ET

Divorce is a tough experience, but such hardship doesn't cut you any slack if you don't stay on top of your retirement paperwork, as one poor fellow discovered.

Imagine this scenario: After 11 years of marriage, you and your spouse call it quits and you move out of the house. After you leave, a letter from your former employer is delivered to the house that your ex now resides in. The envelope is clearly marked: "To be opened by addressee only." Your ex opens it and discovers there's a new procedure in place to access your retirement funds online. After following the procedures, your ex drains the account in four months.

This happened to Michael Foster of Tulsa, Okla. He lost $42,126.38 altogether -- and didn't even find out about it until January of the following year, when he received a tax form from the plan provider reporting a distribution of that amount. Foster sent a letter to his former employer's plan administrator, "claiming potential fraud, as I did not request withdrawal from my plan and I did not authorize any disbursement from this plan," according to court documents.

The 10th U.S. Circuit Court of Appeals concurred with a district court's ruling that the plan was not at fault because it doesn't have to insure against wrongful actions by third parties, according to PlanSponsor.com. The court found that the plan isn't under any obligation to pay the benefits twice "because of William Foster's failure to comply with his obligations to ensure the plan had his correct address," according to the report.

Foster neglected to notify his former employer, where he hadn't worked for the previous six years, of his change of address. And now he's out 42 grand.

From the PlanSponsor article by Rebecca Moore:

The court found that the employer and plan did nothing wrong. The decision to process account withdrawals was based on receipt of a procedurally sound request. According to the court's opinion, Foster was fully informed of how the plan would allow him access to his money, and that someone with the correct User ID and PIN would be treated as the legal participant for purposes of processing withdrawals.

Foster failed to notify the plan of his new address until 15 months following his split from his wife. In the meantime, the plan mailed a document to the Foster home describing changes in how participants would access their accounts. It included an explanation of how a User ID created by the participant would replace the Social Security number for identification purposes. Foster's ex-wife received the document and made an online request to put in place a new User ID, which the plan confirmed in April 2005. The following month, she changed the account password, changed the listed permanent address to a post office box and withdrew $4,000 from the account. During the next several months, she drained the account.

Anyone is capable of this type of oversight. Let's learn from this poor guy's mistake and stay on top of our retirement planning paperwork, no matter what may be going on in our lives.

What do you think? Should the court have ruled differently? Should the plan provider cough up his money?

http://www.bankrate.com/financing/retirement/woman-drains-exs-retirement-account/#ixzz2FFCAkYuy

[El Diablo Blanco]

BANKS  >>> GOVERNMET >>> COURTS

[Agnostic007]

She should have been charged..

[Irongrip400]

People can be disgusting creatures.  This pig should be charged with theft, fraud, and general cuntness.  My brother, is currently being crushed by his ex, paying her $12,000 a month for spousal and child support.  Greedy creatures these females.

[El Diablo Blanco]

People can be disgusting creatures.  This pig should be charged with theft, fraud, and general cuntness.  My brother, is currently being crushed by his ex, paying her $12,000 a month for spousal and child support.  Greedy creatures these females.

$12,000 a month!???  Is he some sort of millionaire?

[Irongrip400]

$12,000 a month!???  Is he some sort of millionaire?

He does well, bitch went for 20k at first, and 12 is what she ended up with.  They go by income, not what you owe.  He has this obligation, it doesn't matter that he can't afford it.  Their vacation home is currently in foreclosure due to him not paying the mortgage so he can pay his ex so he does not end up in jail.  I am not going to lie, I make 12k a month and I live comfortably(wife has similar income though too), and this bitch still fucking whines about being broke.

[Skeletor]

Wasn't his ex wife charged? (tampering with mail and fraud?)

[The Abdominal Snoman]

Another reason guns shouldn't be banned.

[El Diablo Blanco]

He does well, bitch went for 20k at first, and 12 is what she ended up with.  They go by income, not what you owe.  He has this obligation, it doesn't matter that he can't afford it.  Their vacation home is currently in foreclosure due to him not paying the mortgage so he can pay his ex so he does not end up in jail.  I am not going to lie, I make 12k a month and I live comfortably(wife has similar income though too), and this bitch still fucking whines about being broke.

Remember, he only has to pay unless she remarries or gets killed.  So buy a gun.

[Nails]

i would drain that kuntts blood system if she ever stole that much from me

[littledumbells]

Another reason guns shouldn't be banned.

or baseball bats

[Nails]

Id make sure i cancel the Fire Insurance

and go buy a pack of Matches


and make smores over my old houses ashes








Shit, Might even Try and Get a PUMP in front of her while im at it

[TrueGrit]

That's why hitmen exist and get work...

[magikusar]

Woman drains ex’s retirement account
By Barbara Whelehan · Bankrate.com
Friday, December 7, 2012
Posted: 5 pm ET

Divorce is a tough experience, but such hardship doesn't cut you any slack if you don't stay on top of your retirement paperwork, as one poor fellow discovered.

Imagine this scenario: After 11 years of marriage, you and your spouse call it quits and you move out of the house. After you leave, a letter from your former employer is delivered to the house that your ex now resides in. The envelope is clearly marked: "To be opened by addressee only." Your ex opens it and discovers there's a new procedure in place to access your retirement funds online. After following the procedures, your ex drains the account in four months.

This happened to Michael Foster of Tulsa, Okla. He lost $42,126.38 altogether -- and didn't even find out about it until January of the following year, when he received a tax form from the plan provider reporting a distribution of that amount. Foster sent a letter to his former employer's plan administrator, "claiming potential fraud, as I did not request withdrawal from my plan and I did not authorize any disbursement from this plan," according to court documents.

The 10th U.S. Circuit Court of Appeals concurred with a district court's ruling that the plan was not at fault because it doesn't have to insure against wrongful actions by third parties, according to PlanSponsor.com. The court found that the plan isn't under any obligation to pay the benefits twice "because of William Foster's failure to comply with his obligations to ensure the plan had his correct address," according to the report.

Foster neglected to notify his former employer, where he hadn't worked for the previous six years, of his change of address. And now he's out 42 grand.

From the PlanSponsor article by Rebecca Moore:

The court found that the employer and plan did nothing wrong. The decision to process account withdrawals was based on receipt of a procedurally sound request. According to the court's opinion, Foster was fully informed of how the plan would allow him access to his money, and that someone with the correct User ID and PIN would be treated as the legal participant for purposes of processing withdrawals.

Foster failed to notify the plan of his new address until 15 months following his split from his wife. In the meantime, the plan mailed a document to the Foster home describing changes in how participants would access their accounts. It included an explanation of how a User ID created by the participant would replace the Social Security number for identification purposes. Foster's ex-wife received the document and made an online request to put in place a new User ID, which the plan confirmed in April 2005. The following month, she changed the account password, changed the listed permanent address to a post office box and withdrew $4,000 from the account. During the next several months, she drained the account.

Anyone is capable of this type of oversight. Let's learn from this poor guy's mistake and stay on top of our retirement planning paperwork, no matter what may be going on in our lives.

What do you think? Should the court have ruled differently? Should the plan provider cough up his money?

http://www.bankrate.com/financing/retirement/woman-drains-exs-retirement-account/#ixzz2FFCAkYuy

why is taking un earned money ok with democrats?

this should be prison time for the slut!!

people wonder why women get shot

thats stealing!! highway robbery

[Irongrip400]

Remember, he only has to pay unless she remarries or gets killed.  So buy a gun.

No shit. Makes you feel sympathy for OJ a little bit.

[Voice of Doom]

What she did was fraud.  She knowingly accessed his account, changed his credentials, and stole money.  Unless she was a 'recepient' stated by him on his policy then he can have her charged and sue for his monies.  Going after the company is a weak ploy.  Either he knows she doesn't have any money to sue for...or he thinks he can get a bigger payday with the company OR he and his ex are in it together.

[orion]

Don't feel sorry for him.  It's like people who lose their life savings in some investment fraud.  If you weren't so damn greedy you'd still have your money.  No one can take you for a ride without your consent.

[quadzilla456]

If he is white male forget about it they want him to fail by default. You have to realize the PTB hate white males from the day they are born. Witness the shooting in CT and know any tears shed by the PTB are of the crocodile variety.

[TrueGrit]

-Drain balls

-Get ring

-Drain bank account

[Tapeworm]

Lol.  Bet he still has to give her money every month too.

[NotSure]

Woman drains ex’s retirement account
By Barbara Whelehan · Bankrate.com
Friday, December 7, 2012
Posted: 5 pm ET

Divorce is a tough experience, but such hardship doesn't cut you any slack if you don't stay on top of your retirement paperwork, as one poor fellow discovered.

Imagine this scenario: After 11 years of marriage, you and your spouse call it quits and you move out of the house. After you leave, a letter from your former employer is delivered to the house that your ex now resides in. The envelope is clearly marked: "To be opened by addressee only." Your ex opens it and discovers there's a new procedure in place to access your retirement funds online. After following the procedures, your ex drains the account in four months.

This happened to Michael Foster of Tulsa, Okla. He lost $42,126.38 altogether -- and didn't even find out about it until January of the following year, when he received a tax form from the plan provider reporting a distribution of that amount. Foster sent a letter to his former employer's plan administrator, "claiming potential fraud, as I did not request withdrawal from my plan and I did not authorize any disbursement from this plan," according to court documents.

The 10th U.S. Circuit Court of Appeals concurred with a district court's ruling that the plan was not at fault because it doesn't have to insure against wrongful actions by third parties, according to PlanSponsor.com. The court found that the plan isn't under any obligation to pay the benefits twice "because of William Foster's failure to comply with his obligations to ensure the plan had his correct address," according to the report.

Foster neglected to notify his former employer, where he hadn't worked for the previous six years, of his change of address. And now he's out 42 grand.

From the PlanSponsor article by Rebecca Moore:

The court found that the employer and plan did nothing wrong. The decision to process account withdrawals was based on receipt of a procedurally sound request. According to the court's opinion, Foster was fully informed of how the plan would allow him access to his money, and that someone with the correct User ID and PIN would be treated as the legal participant for purposes of processing withdrawals.

Foster failed to notify the plan of his new address until 15 months following his split from his wife. In the meantime, the plan mailed a document to the Foster home describing changes in how participants would access their accounts. It included an explanation of how a User ID created by the participant would replace the Social Security number for identification purposes. Foster's ex-wife received the document and made an online request to put in place a new User ID, which the plan confirmed in April 2005. The following month, she changed the account password, changed the listed permanent address to a post office box and withdrew $4,000 from the account. During the next several months, she drained the account.

Anyone is capable of this type of oversight. Let's learn from this poor guy's mistake and stay on top of our retirement planning paperwork, no matter what may be going on in our lives.

What do you think? Should the court have ruled differently? Should the plan provider cough up his money?

http://www.bankrate.com/financing/retirement/woman-drains-exs-retirement-account/#ixzz2FFCAkYuy

The only thing i've ever had a woman drain me of was semen from my cock.

[calfzilla]

People can be disgusting creatures.  This pig should be charged with theft, fraud, and general cuntness.  My brother, is currently being crushed by his ex, paying her $12,000 a month for spousal and child support.  Greedy creatures these females.

I would stay married to her or leave the country. No way I would pay that much.

[magikusar]

I would stay married to her or leave the country. No way I would pay that much.

jesus how much for a decent hit these days?

[Mattyh7688]

He does well, bitch went for 20k at first, and 12 is what she ended up with.  They go by income, not what you owe.  He has this obligation, it doesn't matter that he can't afford it.  Their vacation home is currently in foreclosure due to him not paying the mortgage so he can pay his ex so he does not end up in jail.  I am not going to lie, I make 12k a month and I live comfortably(wife has similar income though too), and this bitch still fucking whines about being broke.

this is ridiculous.. your poor brother. I have known several guys getting raped with alimony and child support, but that is pretty damn bad.

[residue]

Woman drains ex’s retirement account
By Barbara Whelehan · Bankrate.com
Friday, December 7, 2012
Posted: 5 pm ET

Divorce is a tough experience, but such hardship doesn't cut you any slack if you don't stay on top of your retirement paperwork, as one poor fellow discovered.

Imagine this scenario: After 11 years of marriage, you and your spouse call it quits and you move out of the house. After you leave, a letter from your former employer is delivered to the house that your ex now resides in. The envelope is clearly marked: "To be opened by addressee only." Your ex opens it and discovers there's a new procedure in place to access your retirement funds online. After following the procedures, your ex drains the account in four months.

This happened to Michael Foster of Tulsa, Okla. He lost $42,126.38 altogether -- and didn't even find out about it until January of the following year, when he received a tax form from the plan provider reporting a distribution of that amount. Foster sent a letter to his former employer's plan administrator, "claiming potential fraud, as I did not request withdrawal from my plan and I did not authorize any disbursement from this plan," according to court documents.

The 10th U.S. Circuit Court of Appeals concurred with a district court's ruling that the plan was not at fault because it doesn't have to insure against wrongful actions by third parties, according to PlanSponsor.com. The court found that the plan isn't under any obligation to pay the benefits twice "because of William Foster's failure to comply with his obligations to ensure the plan had his correct address," according to the report.

Foster neglected to notify his former employer, where he hadn't worked for the previous six years, of his change of address. And now he's out 42 grand.

From the PlanSponsor article by Rebecca Moore:

The court found that the employer and plan did nothing wrong. The decision to process account withdrawals was based on receipt of a procedurally sound request. According to the court's opinion, Foster was fully informed of how the plan would allow him access to his money, and that someone with the correct User ID and PIN would be treated as the legal participant for purposes of processing withdrawals.

Foster failed to notify the plan of his new address until 15 months following his split from his wife. In the meantime, the plan mailed a document to the Foster home describing changes in how participants would access their accounts. It included an explanation of how a User ID created by the participant would replace the Social Security number for identification purposes. Foster's ex-wife received the document and made an online request to put in place a new User ID, which the plan confirmed in April 2005. The following month, she changed the account password, changed the listed permanent address to a post office box and withdrew $4,000 from the account. During the next several months, she drained the account.

Anyone is capable of this type of oversight. Let's learn from this poor guy's mistake and stay on top of our retirement planning paperwork, no matter what may be going on in our lives.

What do you think? Should the court have ruled differently? Should the plan provider cough up his money?

http://www.bankrate.com/financing/retirement/woman-drains-exs-retirement-account/#ixzz2FFCAkYuy

it's impossible to take any money out of 401k account if it's valuated at more than 5k without spousal consent, so if this woman was able to it was the fault of the custodian, tpa and record keeper, they should be sued