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Asked 11/17/2008
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Is there a time limit in which an employer needs to process an employee's 401K application and start making payroll deductions? On 10/31/08, I signed up for my employer's 401K plan. However, as of today (11/17/08), deductions from my paycheck have not started. In fact, my application has not been processed. I am concerned my employer could be stalling. Are there any rules dictating the times in which my employer must process my application and start executing the deductions/employer matching outside of meeting minimum time at job or hours worked? |
Answer 1/1 - Submitted 11/18/2008
I would assume it would take at least 30 days to process. Contact the broker that retains your 40lk and/or contact payroll at your place of employment. Both should give you answers as to the start of your savings plan. As soon as you begin the plan you will being to receive statements as to which funds you have invested, the amount vested and the return.
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