about 401 k? | 401k Questions | 401kQuestions.net

Question

Asked 4/2/2007

about 401 k?

i worked for this company almost 2 years and they put 50 cents an hour into my 401 k .
so i worked about 50 to 60 hours a week for the last two years and a few days ago i called that company to check my balance
and they told me that my balance is 0 zero
i didnot withdraw money or anything .
and i know my coworkers we start the job together now they have at least1000 dollors in their 401k
so , what am i suppose to do ?
i keep sending this company which is nyl retirement plan
email and they don't respond.
what happend to that money?
should i talk to an attorney?
thanks .

Answers

Answer 1/5 - Submitted 4/2/2007

Did you put any money into the 401K account? Usually you have to contribute and the employer matches your contribution up to a certain percentage. Also, you have to be "vested" in the 401K account this can take a number of years. If you are not vested and are not making contributions into the account then the company will not put anything in the account for you.

It sounds like you were not contributing any portion of your salary to the account, in which case the company would not pay into the account either.

Do you have your pay stubs where it shows the 401K account? and what you contributed.

I can understand that the company might not have contributed to your account if you were not vested but if you made contributions to the account then they are yours and you can roll the account over or transfer it to another employer.

Answer 2/5 - Submitted 4/2/2007

My first reaction would be to wonder if maybe they were to make a matching contribution or the contribution was elective? So if you didn't contribute they didn't either. If you understood correctly then you should be getting some record from the company that manages the 401k Have you any payslips or record of your salary? Tax documents etc.

Answer 3/5 - Submitted 4/2/2007

Hmm... could it be in a profit sharing plan? If you are able to find proof of your contributions (pay stubs), and they don't have any money for you, I suggest contacting the HR department (they might direct you elsewhere), and if nothing helps contact an attorney. You have the proof that you contributed, yet they "lost" your money. Fishy. Whether or not you are "vested" you should still have your contributions in the account, though maybe not the employer's. Good luck getting your money!

Answer 4/5 - Submitted 4/2/2007

you probay need to be vested at least 3 years before you can receive the fund if you quit.

Answer 5/5 - Submitted 4/2/2007

You need to verify whether or not you ever contributed to your 401k--your company most likely did not put in any money unless you were contributing first.

Do you remember filling out a form telling the company what percentage of your pay to take out and what investments to put it in? Usually you get a big glossy magazine with lots of mutual fund choices in it, then you fill out a form and select your investments. A few companies enroll you automatically, so see if your company did that.

If you put money in, then you "own" that money no matter what. If the company added money to your contributions, then you will probably only get part of that because usually you have to work somewhere 5 years to be fully vested (meaning you actaully "own" all the matches your employer put in for you).

It sounds to me like you never contributed and they never did either, since they are telling you balance is $0. However, if you never opened an account or enrolled in the program, it seems like they should have just told you that, instead of telling you your balance was $0...

Call them back and ask about the account history--when it was opened, how much was deducted from your paycheck each month, and how much your employer matched. Or, dig up your tax return and/or pay stubs. Any retirement contributions will be listed on there (and on your W2s).

401k Related Topics

Related Questions (Ask a New Question)

Inheriting a 401

I inherited a 401 from my sister when she passed away. she would be 591/2 this march and would have been able to draw off her 401 in 2010. will i be able to draw off of this 401 in 2010 when she was able to draw or will i have to wait until i turn 591/2 which will be in2012?

See Answers

If i made 2 kids beneficiary on my 401 k. then made a will leaving everything to one. will both still get the 401 k

I put a step chld and my only child 50% each of 401 k beneficiaries when i retired. then made a will leaving everything to my only son. will the 401 k still go to both of them? if i want to change the 401k beneficiaries can i clip an addition to my will that changes the two on my 401k. or...

See Answers

Ex is benificary of 401 k and cannot get it

My ex husband passed away and his 401 k was divided with our two children getting 20% each. i was left executor of the will, as we remained good friends. he never re married. now, there is 60% of the 401 k left and the people that work with the 401k office tell me my name is on the list but they...

See Answers