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Asked 6/21/2010
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401 k emploer match If the employer says they will match your 401 k do they legally have too |
Answer 1/1 - Submitted 6/23/2010
If the Summary Plan Description (SPD) document says it, then they are legally required to follow up and do it. If they don't do as they say, then they can be hit with penalties for not following what is laid out in their 401(k) Plan documents.
Please note that they do have the option to Amend their SPD documents to get rid of the Employer Match, but that process is not exactly quick or easy for them.
So, if you want a definitive picture of what they can, will, and may do, look at your employer's 401(k) SPD document. If you need help reading it, scout out someone with a Retirement Plan designation (such as an ERPA) to summarize the important parts of the document for you.
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