I used to work for a company named iMind Education Systems and left back in June of 2000, the company later filed for bankruptcy in February 2001. Many employees decided to work with an attorney to collect wages, 401k, and expenses paid through bankruptcy court. Others didn’t. In fact, some ignored doing anything about it altogether except to find another job and forget about it.

Now, 3 years and 10 months later, there are still employees trying to get their 401k money from Citibank! Here’s an excerpt of an email that came through on the iMind Refugees newsgroup, a group which I thought was surely dead.

I’ve finally received my 401k distribution from the City Bank. I worked with one guy from the Labor Depatrment, who helped to resolve the issue. If somebody interested, I can give his tel. number.

That’s crazy! Almost four years after the fact and people are still dealing with this shit! The moral of the story: when you have a problem you can either spend a little time and energy now or a lot of time and energy later. The ones that waited for later are going to suffer a much bigger beatdown.

4 Comments »

  1. What I don’t get is that the 401K wasn’t set up until the very final months of iMind, no? So I’m surprised that anyone had a substantial amount of money in it. Aren’t max 401(k) contributions like, a couple of hundred bucks per month?

    #1 by Larry — December 14, 2004 @ 1:24 pm

  2. Well, a few hundred dollars is worth fighting for if you don’t have a job.

    #2 by Meerenai — December 14, 2004 @ 5:09 pm

  3. That’s exactly what I was going to say ;) Well, I heard that the biggest accounts had over $2,000 in them and that’s definitely worth fighting for. I am sure those were the people that went with the lawyer, not the lamers that are trying to get money now. Did I mention that four years have passed!? Geez!

    #3 by Nugget — December 14, 2004 @ 5:42 pm

  4. I WORKED FOR THE STATE OF MICHIGAN, OUR 401(K) WAS WITH CITISTREET. I LEFT IN 2003 AND CLEARED OUT MY 401(K). I RECEIVED A 1099 TO CLAIM $7,000.00 ON MY INCOME TAX AND I DID.

    TWO YEARS LATER, IN 2005, CITISTREET SENT ME A BOGUS 1099 FOR $7,000.00 AND THEY SENT IT TO THE IRS TOO. AS A RESULT, I AM BEING AUDITED BY THE IRS FOR NOT CLAIMINING THE MONEY ON MY INCOME TAX. I NEVER RECEIVED THIS MONEY. I FOUGHT WITH THESE PEOPLE FOR 2 YRS AND WAS IGNORED, THEY JUST BLEW ME OFF. SOMEONE TOLD ME TO CONTACT THE MICHIGAN AUDITOR GENERAL–I DID- AND IN MINUTES ALL OF THE SUDDEN THE PROBLEM WAS CLEARED UP. CITI BANK IS COMMITTING FRAUD AND TRYING TO COVER IT UP. PROBABLY TO PAY THEIR BIG CEO’S MILLIONS OF DOLLARS. THEY TRIED TO USE ME AS A SCAPEGOAT. I WONDER WHO REALLY GOT THE MONEY (7,000.00) IN 2005. I SURE WASN’T ME.

    #4 by Shellie A. Bell — November 26, 2007 @ 5:57 pm

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