Welcome! | Ask A Question
Asked 11/5/2011
|
My company changed payroll companies and now the company that administers my 401k will not let me pay toward my loan. The company that administers the account will not let me close it or pay toward my loan, they will not let my new payroll company make payments either. What can I do? |
Answer 1/1 - Submitted 11/5/2011
A change by your company from one payroll processor to the next should not be an issue. Have you spoken with the payroll and human resources person at your company about this issue?
If they don't get you anywhere, contact your state labor board, their payroll processes shouldn't be counter to agreements already in place. You should not be made to have to take your loan balance as a distribution and take the tax hit.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I am retiring. i took out a loan from my 401k account, it was for (10) years, for a down payment on a house. i have paid back about $3,000 from payroll deductions. but since i am retiring how are the arrangements made for me to pay the loan back? furthermore, if the loan was for (10) years, i have...
I took out a 401k loan at my company and paid on it for a couple of years. i found a new job and they told me that unless i could pay it all off in 1 lump sum i had to default. i paid the penalties and the taxes for defaulting my loan and worked for the other company for close to a year. my former...
The company i work for is looking into firing the company that handles our 401k and instead having everyone roll their 401k money into self-managed stocks. however, i have an outstanding 401k loan that i'm only 12 months into paying. how is the company's decision going to affect me? currently...
|
I am retiring. i took out a loan from my 401k account, it was for (10) years, for a down... |
|
I took out a 401k loan default? I took out a 401k loan at my company and paid on it for a couple of years. i found a new... |
|
Company stopping 401k program, but i have a 401k loan The company i work for is looking into firing the company that handles our 401k and instead... |
|
Here's the problem. the 401k was by her 1st employer. the 2nd employer took over the... |
|
My company is being taken over by another company, so they are ending our 401k program. I have a loan on my 401k plan but do not want to rollover. will my company pay me the difference... |
|
Loan on 401k, layed off by company, can't repay loan so it will be a distribution, 10 penalty My wife was just layed off after 15 yrs employment. we have a loan against her 401k. the... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.