401k issue

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UpstateNY86
Posts: 173
Joined: Tue Dec 18, 2012 8:56 am

401k issue

Post by UpstateNY86 » Wed Oct 09, 2019 7:02 am

My employer recently switched payroll companies and our 401k contributions were not being invested. This took about 3 months to get resolved. My paycheck lists my YTD contribution as 14k, but the provider has me at 16k for the year. My employer screwed up and sent more money in or something like that. Any advice? This is a medium sized company so this was a confusing ordeal for them. We are weak in HR department.

livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: 401k issue

Post by livesoft » Wed Oct 09, 2019 7:47 am

Generally, a face-to-face meeting that you schedule and host will help you understand what happened. Get the CFO involved as well.
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2cents2
Posts: 387
Joined: Sun Mar 02, 2014 11:31 am

Re: 401k issue

Post by 2cents2 » Wed Oct 09, 2019 8:10 am

I wonder if it is a record keeping problem or an over contribution. What does your statement say? Can you drill down to your transaction history? Is any of the 16K attributable to the company match?

Topic Author
UpstateNY86
Posts: 173
Joined: Tue Dec 18, 2012 8:56 am

Re: 401k issue

Post by UpstateNY86 » Wed Oct 09, 2019 8:20 am

It is not part of a company match. The $$ was held back for months, and then company sent lumpsum check. On my provider said it says my YTD contribution, and my paycheck has a lower YTD contribution. We do not have a CFO. It would either be owner, or HR.

ERISA Stone
Posts: 1618
Joined: Tue Jun 24, 2014 8:54 am

Re: 401k issue

Post by ERISA Stone » Wed Oct 09, 2019 9:12 am

UpstateNY86 wrote:
Wed Oct 09, 2019 8:20 am
It is not part of a company match. The $$ was held back for months, and then company sent lumpsum check. On my provider said it says my YTD contribution, and my paycheck has a lower YTD contribution. We do not have a CFO. It would either be owner, or HR.
Technically, if your 401k contribution wasn't deposited within 7 business days, you are due earnings on the money. Keep in mind it's possible to have the funds deposited in the plan but not yet deposited to your account. They could be in a holding account within the plan trust.

I'll leave it up to you to decide if it's worth ruffling feathers with your employer.

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