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Asked 8/10/2010
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Can a company retroactively remove its match? My company just announced they will not pay the match on my 2009 contributions My company waits until the next year to credit the company match to our accounts. For instance, the match from 2009 was going to be deposited in September 2010 in one lump sum. However, I just got a company email that says that the company will not be paying the 2009 match. I understand that the match is discretionary, but is it legal to not pay the match on contributions that I have already made? I would not have a problem with this if they announced that next year they will not be making a match, that way I could reevaluate how much I want to contribute. But I'm very frustrated that I maxed out my contribution last year only to have the company now tell me that they will not make the match. Thanks for any help! |
Answer 1/1 - Submitted 8/10/2010
No, they can not cancel their contributions retroactively.
If you can, get a copy of your 401k plan documents and Contact the Department of Labor Employee Benefits Security Administration at the office closest to you, you can look that up here: http://www.dol.gov/ebsa/aboutebsa/org_chart.html#s ection13
This really is egregious, don't delay.
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