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Asked 12/16/2008
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Is there a law in which employers have to match3% in 401k?can they just stop matching all of a sudden if they chose? If employer were matching 3% in your 401k, as companies do.,can they just stop doing it?what do I look for in policy a nd procedures to see if they have a right. to do this.any laws covering this?is a letter telling you in next paycheck they are no longer matching you in retirement.I thought this was mandatory that all companies had to do this.am I wronge?what are my rights or do I haave any?
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Answer 1/2 - Submitted 12/16/2008
The matching feature was a great idea. It was really free retirement income your employer was providing. However, it is not mandatory, Many companies are trying to reduce expenses in this bad economy; this is one way they can do it. They may reintroduce the matching feature in the future. Even without the matching feature, a 401k or an IRA is a pretty good idea. I think the IRA, especially a Roth IRA, is a better idea if there is no match.
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