Does anyone know what is the time limit, if there is, that plan administrators are given to send out terminated participants' distributions. For example, if a participant terminated in Feb 2001 and requested distribution in July, by when are plan administrators required to complete the distribution.
If possible, please reference the IRS or DOL ruling, whichever applies. Thanks.

Usually this is governed by the plan document. I assume from your message that this plan is a defined contribution plan (that is, a 401(k) plan or profit sharing plan). Every plan must specify how often it values the assets. Could be daily, monthly, quarterly, annually. Must be at least once per year. Then the plan will specify when payments are made. For example, it might value assets (hence the individual accounts) at the end of each month. The plan might state that the payment will be made as soon as possible after the end of the month in which the employee submits the proper form for distribution.

The date of termination of employment might not be relevant if the plan requires the employee to submit certain form(s).

A good source for this information should be the plan's summary plan description (SPD).

Thanks for the info Pax.