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Asked 3/8/2010

Can I stop my 401K deductions from my payroll check?

Our company has a policy that only on January 1st and July 1st can you make changes or start making deductions from payroll for our 401k plan. I need to increase my monthly cash flow immediately, and wanted to stop my 401k deductions and was told that I had to wait until July 1st. I understand that I cannot start making deductions until then, but can they legally keep me from stopping those deductions until that date?

 
 
 
 
 
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Answer 1/1 - Submitted 3/8/2010

You need to contact the fund manager and ask if deductions can be changed .

 
 
 
 
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