Welcome! | Ask A Question
Asked 1/2/2010
|
Is my husbands employer stealing his 401k? My husband is working for a company on prevailing job wages and yes they are suppose to have this 401k or no job! My question is I know they can hold the money up to 90 days before depositing it in his 401k! It's been 9 months and not even a quarter of how much he contributed is in his account! His paycheck says it is but his 401k account shows otherwise! When the employer was contacted they say we are behind on paper work! Now by law they can hold it up to 90 days! I think that 9 months is to long and with going into the new year and it still not showing up in his 401k account, are they stealing his money? |
Answer 1/1 - Submitted 1/3/2010
It is doubtfull they are stealing it, though he could be losing (or saving) money by it not being deposited and gaining or falling with the market.
They don't have 90 days.. the ERISA guidlines give employers until the 15th business day of the month following the deduction to deposit funds. If this is administered by a small administrator and the company itself is not that on the ball, it often takes longer. 9 months is a lot, but I have seen it before with smaller companies, especially construction companies.
There is not much that can be done but if it continues you can contact your state's attorney general to complain. I have seen employers have to make a "lost earnings " contribution to make up for what that money could have made, had it been deposited.
Whom did you speak to?: The employer or the adminstrator of the plan?
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
There already exist a question regarding forced 401k contributions at this website with no answer. i will ask again. my employer has forced myself and my co-workers into a 401k plan that does not provide timely updates. accessing your account requires a fee. according to all i have researched,...
My husband changed jobs a year ago and has funds in the old employer's 401k plan. his new employer doen't have a 401k. we make too much to do an ira.we would like to consolodate his 4oik with my current 401k. is this possible to roll over his funds into the 401k with my employer?
My husband was employed with his employer for 7 years and the company laid him off and then the company eventually shut down. when he got laid off he signed papers for his 401k to go to a edward jones accountant .when we wanted to borrow on it we called the accountant and they said his employer never...
|
Is my employer stealing from my 401k? There already exist a question regarding forced 401k contributions at this website with no... |
|
My husband changed jobs a year ago and has funds in the old employer's 401k plan. his... |
|
My husband was employed with his employer for 7 years and the company laid him off and then... |
|
I was supposed to have my 401k check sent to me over 4 months ago but it was sent to my former... |
|
Can an employer takes money from your 401k account without notify you in advance? In the past years, my employer paid 401k administration fee to a broker to manager each his... |
|
The employer didn't contact the investor about my husbands death and its been a month... |
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.