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Asked 10/29/2008

My employer just informed everyone that they are not matching our 401k contributions for this year, is that legal?

They have alway matched up to 3% of our contributions but all of the sudden we were sent an email saying they are not going to contribute anything next year nor are they contributing anything for the entire year of 2008.

 
 
 
 
 
Answers

Answer 1/2 - Submitted 10/31/2008

Legal, probably

bad pr for the company for the employees, probably

I wouldn't worry to much about it, they might be doing that as a way to cut corners and save expenses to stay profitable for the year

 
 

Answer 2/2 - Submitted 10/14/2010

Can an employer just stop my payroll deductions that i am contributing into the 401 investment that they are offering? they have already stopped their matching, but i've noticed that they are now not taking out of what i am willing to invest into it? is this their legal responsibility to continue my request of investing?

 
 
 
 
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