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 Stocks.....? |
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thank you.
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Donald | My company has not depositied my witheld 401K money for 2 months. What Can I do? |
I work for a small company and I found out with a little investigation that all employee 401K funds witheld from our checks are being used to fund the company during a recent financial crisis. How illegal is this and do I have a strong stance on which to confront the owner with?
Additional Details
I know for sure that it has happened to 5 of us here out of ten employees. The problem is that we are so small, the accountant and 401K financial adviser are both one man businesses who are friends of the owner. We verified with the financial advisor and he told us the 401K accounts were opened but nothing has been deposited yet and to speak with our company owner. The thing of it is, our check stubs ceased displaying deductions for taxes and 401K. There is only an almost blank stub execpt for the amount of our pay printed on it. It is our normal pay with exerything has been deducted. |
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MJM
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Keep it simple...
1) Start finding another job. The company is in financial crisis and even if they manage to weather this problem the next one won't be far behind. Also, they have no ethical problems with "potentially" stealing employee funds (the result of if the company bankrupts without paying the "withheld" taxes and 401k withholdings).
2) Some retirement plans, per IRS codes, allow up to 60 days for withheld funds to be deposited into the retirement plan...yours may fall under that provision. However, considering the other elements involved in the situation you described...this doesn't mean a thing...your company is nearly insolvent and arguing with the boss over the "potentially misappropriated funds" is not exactly in your best interest for "job security" anyway. BAIL, get out, hit the road, find that other job and move on!!! |
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SWH
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Wow. That's totally illegal. First I'd contact your payroll and 401K administrator to find out from them why it's taking so long. That happend once to us, in fact we discovered that 1 withholding never even made it to the 401K. That was quickly corrected, they said it was just an accounting error (but why are the errors always in their favor?). How many others were cheated out of their money?
If the error is not corrected immediately, I'd talk to the 401K admin and find out who to escalate it to.
/// |
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gosh137
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For 401k problems, contact the Federal Government Labor Department's Employee Benefits Security Administration at 866/444-3272. |
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William H
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You need to get a copy of the 401(k) plan document, which they are required to keep at the company, and are also required to give you a copy if you ask for it. In the plan document it should state when money will be deposited into plan, can be 5 days after payroll, once a month, once a quarter, etc. Most common method is so many days after payroll. If they are in violation of plan document or you believe that they are misusing the funds, contact the Internal Revenue Service.
The company is acting as a trustee for these funds, and the IRS looks very unkindly on those that fidiciary responsibility.
It is like if a company is short of money, they should always pay payroll taxes, you can end up in jail if you don't, and the IRS can go after your personal assets if you don't. Same is true of retirement funds.
What your employee is doing is a big no no and very serious. |
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Quixotic
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I'd be worried.
A small company can postpone bankruptcy by doing that. If they end up bankrupt, you will be screwed out of your money. |
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digdowndeepnseattle
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You have a very strong stance but you dont' want to confront the owner. You want to look for a new job. The employer has 15 days following the end of the month in which the funds were withheld to deposit them into trust. However, that's just hte maximum. DOL says if you can cut a check to employees in 3 days then you can deposit it in three days. The trust doesn't have to be your specific account. It can be a checking account that is separate from the employer, registered under the name of the plan and with the tax id number of the plan. However, after that they have to invest it as you directed in a reasonable period of time. What's reasonable? It's a facts and circumstances issue determined by the DOL. If it's found that your employer improperly used those funds (delayed is using them) then they will have to be replaced with interest which won't make your employer happy...hence your need for a new job first. Besides...who wants to work for a company like that??? After you get a new job immediately call the DOL at the number a previous poster mentioned. Explain everything...don't get excited, angry, fired up...just calmly explain it and have proof available...check stubs, statements, whatever you have available. Once the DOL is involved it will get resolved very quickly and you don't want to be a part of it. |
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Rahul
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Please Inform and file a complaint in the grievance cell of company regulatory authority after initial discussion with company HR department to check whether there is any good reason or not!!! |
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AVANISH JI
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Pls make a written complain with the department ..... |
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