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Asked 8/11/2010
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What can do if my employer claims to be contributing to my 401(k), but the account balance is 0? I have worked for a U.S. Mail contractor for 18 months. A portion of my hourly wage is intended to be used for insurance, if desired. My employer decided to place this portion in 401(k) accounts for all hourly employees. The company in charge of managing these accounts is Contractors Plan. My paycheck stubs show the amount said to be contributed to my account for that week, and for the year to date. I have contacted Contractors Plan and they say my account balance is 0. My employer claims he is sending the money. What can I do to resolve this situation, and get my money? |
Answer 1/2 - Submitted 8/11/2010
Since your employer won't follow up and find out where your 401k contributions are for you, these fine people will: 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
Answer 2/2 - Submitted 8/12/2010
I would add one caveat before you contact the DOL. Make sure that Contractor's Plan is giving you the right number.
Ask what your balance in all sources is - including those sources in which you are not vested.
Also ask them about life insurance. you mention that it "is intended to be used for insurance." While not entirely common, your plan could be using your contributions to pay your life insurance premium. This is ok as long as the primary purpose of the plan is to provide retirement benefits.
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