Mortgage workers can't get to 401(k)s: First Magnus retirement plan is locked down.

From: AZ Daily Star | Date: August 24, 2007 | Copyright information

Byline: Christie Smythe

Aug. 24--Laid-off First Magnus workers, already going without their final paychecks, are facing another financial worry: They can't access their retirement accounts, which some hoped to use for living expenses.

Eleven former employees of the mortgage lender in Texas, Colorado and Tucson said they were told they cannot access funds in 401(k) retirement accounts because First Magnus Financial Corp. did not give the plan administrator proper notification of the layoffs.

"They flat out told me I couldn't get my money," said Bertha Flores, a former ...

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