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Still have a 401 K with Alden or an outstanding Loan?

I do.  Here's what I have been able to find out, thanks to some former employees.

some background:
About 3 months ago, I started to
try to "roll" my 401K plan.  I also happened to have a loan against the plan, which was just about over.  I had been sending monthly checks, but nobody cashed them (because nobody could get in the building).  If you have been doing the same, make sure you cancel any checks you have sent.

Anyway, It's important to understand a few facts which have taken me "weeks" to find out.

some facts:
1) The "Plan" was "sold" to Alden by Gerald Buckley from AG Edwards.  I've spoken with Gerald, but the "real" person you should deal with is Joan Santacruze (sorry, but I'm not sure of the spelling). The Phone number for Joan is 800-832-4272.  Her Fax is: 617-523-8827. 

2) On 10-27-00 Joan Called me, and told me that Mr Cox. from Wels would not return her phone calls, and told me "why don't you call him at: 512-345-8127 and leave a message for him to call her at AG Edwards".  She sounded to me to be very unhappy - Kind of like it's my fault he won't return anyone's calls.

3) I sent out an email to most every email address of xaldeners, and former employees helped 
provided me with this info. 
please let me know.


Al Cox, CFO and Exec VP of Wels Research/Alden - (512) 346-4059. 

The legal address of Wels Research is 5114 Balcones Woods Drive, #307, Suite 299, Austin, TX 78759 ( or at least it was previously).

Cox's home address is 5309 Marsh Creek Drive, Austin TX 78759 - or it might be: Balcones Woods Drive #307, Suite 2481 - Austin TX 78759 

The CEO of Wels Research/Alden is David K. Doyle, same legal address and business telephone number. Direct line is (512) 345-3838 and cell phone is (512) 791-3883. Fax for Doyle is (512) 345-5184; for Cox it is (512)345-3743. 

Another principal in Wels Research is Dr. Elmar Reiter -  Boulder, CO. His home telephone number is/was (303) 530-5189. 

The Wels Research office number in Boulder is/was (303) 530-5588 and the fax is/was (303) 530-2186. 

4) Nancy Malloy who use to admin the plan up until she left Alden early last year has been a big help.
On 10/26/00 she wrote me:

I called Bysis to see if there was anything I could do as far as getting paperwork for you guys etc.  and unfortunately I can't.

The IRS is in the process of "terminating" the plan which means that the plan will be frozen for any and all activity until the IRS releases the freeze.  The freeze period is so that the IRS can do an audit on the plan.  Once the freeze period is over then you can request rollovers/distributions etc.  I asked if someone requested a rollover today if they would process it and Bysis said no, because the account has been "flagged"

AG Edwards is handling all of the calls/questions from any former Alden employee, the contact there is Gerald Buckley. AG Edwards should be in contact with the IRS or Vice versa.

5) Kevin O'Reilly sent this:

I talked to my accountant and he assured me that our 401K money is absolutely safe.  He said its our money and no matter what happens to the company or how much Wels owes either Bysis or AG Edwards, they cannot touch our money.  He basically said the question is not IF we will get our money, but WHEN.  He has seen it go as fast as 2 months and take as long as 6 months.

As of today 10-27-00, I am no closer to being able to "roll" my 401K.  I guess I'll let the dust settle for a while, and try again in a couple of weeks. Stay tuned.

If you have any more info to add, either e-mail me at: dj@e-wood.com or post your info in the forum.

Thanks!

-dj

 

"Nothing wrong with shooting as long as the right people get shot" - Clint Eastwood in Magnum Force, 1973