401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

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Speed777
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401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Speed777 » Mon Jan 13, 2020 10:56 pm

On 12/27/19, I saw that a (-)$800 contribution was made from my Roth 401(k). Long story, short, my employer had withdrawn MY money from Fidelity (where it was already invested) because they thought it was an over-contribution for the year. I.E. above the IRS annual limit of $19k. They did this without consulting me. The issue is, they miscalculated and I was actually within the $19k limit. I worked really hard to accomplish the goal that I had for myself last year (to get as close to the $19k as possible without going over). They withdrew MY money, not even their matched portion. They finally admitted they made a mistake and apologized but said there was nothing they could do to fix it and have it put back to where it was and count toward my 2019 contribution. They said they’d send me a check with the money and it’s been a half of a month and I still haven’t received it. They’re not responding to me when I ask for an update on where my money is. It’s very upsetting to me. The stock market is doing well and I had my money invested properly and my employer came in behind me and withdrew my investments against my consent (when their bases for doing so was wrong). Their mistake but I’m the one suffering the consequences. I feel like my company should have to compensate me in some way, but I have no idea what to do. Meanwhile, I still don’t have my money. Any advise would be appreciated!

lakpr
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by lakpr » Tue Jan 14, 2020 9:58 am

Very sorry to hear that, man! I believe we saw a thread some time last year, where someone complained about a similar issue with the 401k to the SEC folks. I am just throwing it out there, not sure if that would help any.

Dottie57
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Dottie57 » Tue Jan 14, 2020 10:04 am

SEC gives the following link for 401k problems

https://www.sec.gov/answers/401-k-.htm

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jhfenton
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by jhfenton » Tue Jan 14, 2020 10:14 am

Not only can they correct their mistake; they have to correct it. Not correcting their mistake would mean allowing a clear violation of the plan document to persist. There are corrective procedures for them to follow.

Be persistent. Tell them you will file a complaint with the DOL - EBSA if necessary, but would prefer not to have to do so. And if they don't respond, then do so: Request Assistance from a Benefits Advisor.

This is all assuming that you are willing to make waves with your employer. I might not do so for a missed $900 deferral.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by neurosphere » Tue Jan 14, 2020 10:40 am

Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
They said they’d send me a check with the money and it’s been a half of a month and I still haven’t received it.
So they have admitted the mistake, and announced the solution: to send you a check.

Are you asking/demanding for a different solution to what they have offered? If not, then doesn't it all just come down to whether two weeks (and counting) is a reasonable time frame for receiving the money? Actually, you said they "finally admitted their mistake". When was that? If that was one week ago, then it shifts the discussion regarding any potential inappropriate delay.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".

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Speed777
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Speed777 » Tue Jan 14, 2020 11:28 am

They told me a half of a month ago that they were sending me a check and I would receive it within the next 7-10 business days. I just heard back from HR this morning that they haven’t even processed the check yet and are hoping to have it processed and mailed out by the end of the week. Then I’ll have to wait another 7-10 business days to receive it. Unbelievable!!! I was mildly upset when this whole thing started but after hearing that they aren’t taking this seriously at all and appear that they straight up don’t care, I’m really upset! I really don’t want to make waves with my company but this is ridiculous. I can’t believe they’re getting away with this. I appreciate everyone’s advise. I’m thinking about contacting the DOL. But again, I really would prefer not to make waves.

retired@50
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by retired@50 » Tue Jan 14, 2020 11:32 am

Sounds like it's time for a new job...

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by chevca » Tue Jan 14, 2020 11:40 am

Sounds like they got in lazy mode around the holidays and this issue got pushed aside. That stinks, but let it play out now. Stay on 'em... check in one or two more times this week to make sure it gets done. I've found annoyance to be quite good at getting folks to do things like that... just so they don't have to hear from you anymore. :happy

Look big picture at this situation. Is this $800 mistake going to make a huge impact on your life? It's a minimal amount and a very short time frame we're talking about. What seems like a HUGE deal now isn't likely to be much of anything in the long run. I don't mean to downplay your feelings, or say you're overreacting. It's perfectly reasonable to be upset about this now. But, think a year from now, 5 years from now, 10 years from now.... this will all be forgotten.

Good job watching and tracking your 401k and what's going on with it. As you now know, they can make mistakes with it. It's only happened a couple times for mine in a bunch of years, but watching mine I've caught a couple mistakes made with my 457b.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Luckywon » Tue Jan 14, 2020 11:54 am

Speed777 wrote:
Tue Jan 14, 2020 11:28 am
I’m thinking about contacting the DOL.
Strongly advise you not do this. Little to gain at this point and much to lose.

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Watty
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Watty » Tue Jan 14, 2020 12:11 pm

One thing you may be running into is that to get a correction check like this it might take several people to sign off on it and some of those people may have been on vacation over the holidays or swamped with closing out the year end books.

It isn't like any payroll clerk could just cut a check like this.

For example if might sit on a controllers desk for a week, then be passed on to a VP who just went out of town.

You will get the money back eventually so while it is hard to quantify in reality the value of what it cost you is roughly what it would cost to do an $800 Roth conversion, probably a couple of hundred dollars. All the time that the company will spend researching and fixing this and explaining it to auditors will likely cost them a lot more than that.

I am retired now but when I was working I am sure that I made more than a few mistakes that cost my employer more than that. While no one was happy that a mistake was made but they did not make a big deal out of it as long as it was not a pattern and the mistake got fixed.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by CoastalWinds » Tue Jan 14, 2020 12:21 pm

Where is the plans’ Third Party Administrator (TPA) in all of this? Every 401k plan is required to have a TPA who scrutinizes the plan activity to ensure compliance with the plan documents and laws. This includes catching any errors by both employer and employee alike.
Last edited by CoastalWinds on Tue Jan 14, 2020 12:22 pm, edited 2 times in total.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by prudent » Tue Jan 14, 2020 12:22 pm

Watty wrote:
Tue Jan 14, 2020 12:11 pm
One thing you may be running into is that to get a correction check like this it might take several people to sign off on it and some of those people may have been on vacation over the holidays or swamped with closing out the year end books.

It isn't like any payroll clerk could just cut a check like this.

For example if might sit on a controllers desk for a week, then be passed on to a VP who just went out of town.
That's exactly the type of scenario which would have happened where I worked. It's a one-off situation and doesn't fit the standard "workflow" for issuing checks. If they said they'll refund it, I believe they will.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by jhfenton » Tue Jan 14, 2020 12:27 pm

Cutting you a check is not fixing their mistake. They can and should bring the plan back into compliance.

Still, you are free to accept it and walk away. You wouldn't be the one skirting a legal obligation. (And the TPA might make them fix it later anyway.)

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by tesuzuki2002 » Tue Jan 14, 2020 12:55 pm

I would accept the check as your compensation for your money back. I would ask for 2 additional vacation days for the inconvenience and loss they have caused you.

Have you maxed a Roth IRA for last year? You could redirect the money over here you have until tax day to get that done.

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8foot7
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by 8foot7 » Tue Jan 14, 2020 1:19 pm

tesuzuki2002 wrote:
Tue Jan 14, 2020 12:55 pm
I would ask for 2 additional vacation days for the inconvenience and loss they have caused you.
Over a $900 deferral that ends up being given back? This is extremely poor career advice, imo.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Nate79 » Tue Jan 14, 2020 1:40 pm

Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
On 12/27/19, I saw that a (-)$800 contribution was made from my Roth 401(k). Long story, short, my employer had withdrawn MY money from Fidelity (where it was already invested) because they thought it was an over-contribution for the year. I.E. above the IRS annual limit of $19k. They did this without consulting me. The issue is, they miscalculated and I was actually within the $19k limit. I worked really hard to accomplish the goal that I had for myself last year (to get as close to the $19k as possible without going over). They withdrew MY money, not even their matched portion. They finally admitted they made a mistake and apologized but said there was nothing they could do to fix it and have it put back to where it was and count toward my 2019 contribution. They said they’d send me a check with the money and it’s been a half of a month and I still haven’t received it. They’re not responding to me when I ask for an update on where my money is. It’s very upsetting to me. The stock market is doing well and I had my money invested properly and my employer came in behind me and withdrew my investments against my consent (when their bases for doing so was wrong). Their mistake but I’m the one suffering the consequences. I feel like my company should have to compensate me in some way, but I have no idea what to do. Meanwhile, I still don’t have my money. Any advise would be appreciated!
Well, let's correct something from the beginning. Yes they made a mistake and they must fix it. But if you had actually over contributed they do not need to inform you ahead of time to ask your permission nor is it your money that they were taking back. They are required to do things properly and that is in both directions. So if you had over contributed they didn't do anything wrong.

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Speed777
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Speed777 » Tue Jan 14, 2020 2:09 pm

tesuzuki2002 wrote:
Tue Jan 14, 2020 12:55 pm

Have you maxed a Roth IRA for last year? You could redirect the money over here you have until tax day to get that done.
I have not and was actually already thinking about getting it in as Roth for 2019 by doing that instead. If I ever actually get my money back ... that is!!!! 🤦‍♀️

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by alpenglow » Tue Jan 14, 2020 2:24 pm

Luckywon wrote:
Tue Jan 14, 2020 11:54 am
Speed777 wrote:
Tue Jan 14, 2020 11:28 am
I’m thinking about contacting the DOL.
Strongly advise you not do this. Little to gain at this point and much to lose.
Gotta agree here. A $900 deferral is nothing in the ultimate scheme of things.

BV3273
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by BV3273 » Tue Jan 14, 2020 2:30 pm

neurosphere wrote:
Tue Jan 14, 2020 10:40 am
Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
They said they’d send me a check with the money and it’s been a half of a month and I still haven’t received it.
So they have admitted the mistake, and announced the solution: to send you a check.

Are you asking/demanding for a different solution to what they have offered? If not, then doesn't it all just come down to whether two weeks (and counting) is a reasonable time frame for receiving the money? Actually, you said they "finally admitted their mistake". When was that? If that was one week ago, then it shifts the discussion regarding any potential inappropriate delay.
Call someone and make a stink.

There was another thread where someone said to reach out to the CEO or CFO. Do it if you can and watch how fast it gets fixed.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by NJ_Bogler » Tue Jan 14, 2020 2:33 pm

alpenglow wrote:
Tue Jan 14, 2020 2:24 pm
Luckywon wrote:
Tue Jan 14, 2020 11:54 am
Speed777 wrote:
Tue Jan 14, 2020 11:28 am
I’m thinking about contacting the DOL.
Strongly advise you not do this. Little to gain at this point and much to lose.
Gotta agree here. A $900 deferral is nothing in the ultimate scheme of things.
Amen. Instead of getting to contribute $19,000 you instead got "maxed out" at $18,200 (and are having the $800 difference returned). This is undoubtedly annoying but nothing to go nuclear over.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by manatee2005 » Tue Jan 14, 2020 9:34 pm

Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
On 12/27/19, I saw that a (-)$800 contribution was made from my Roth 401(k). Long story, short, my employer had withdrawn MY money from Fidelity (where it was already invested) because they thought it was an over-contribution for the year. I.E. above the IRS annual limit of $19k. They did this without consulting me. The issue is, they miscalculated and I was actually within the $19k limit. I worked really hard to accomplish the goal that I had for myself last year (to get as close to the $19k as possible without going over). They withdrew MY money, not even their matched portion. They finally admitted they made a mistake and apologized but said there was nothing they could do to fix it and have it put back to where it was and count toward my 2019 contribution. They said they’d send me a check with the money and it’s been a half of a month and I still haven’t received it. They’re not responding to me when I ask for an update on where my money is. It’s very upsetting to me. The stock market is doing well and I had my money invested properly and my employer came in behind me and withdrew my investments against my consent (when their bases for doing so was wrong). Their mistake but I’m the one suffering the consequences. I feel like my company should have to compensate me in some way, but I have no idea what to do. Meanwhile, I still don’t have my money. Any advise would be appreciated!
Quit.

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djpeteski
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by djpeteski » Wed Jan 15, 2020 6:48 am

Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
I worked really hard to accomplish the goal....
Facts! You did and you should be proud of yourself. Great job!
apologized but said there was nothing they could do to fix it...

The stock market is doing well and I had my money invested properly...

...I’m the one suffering the consequences. I feel like my company should have to compensate me in some way...
You are going to have to let this go. Concentrate on the big picture. Are you poised to max out your contributions next year? The year after? And in a Roth! I am going with the answer is "yes". In a surprisingly short time you will be looking at your balance going: Holy Cow!

If you need to leave this employer for other reasons then do so. But this would not kill the job for me. You will get your money back eventually. Having some empathy, in dealing with these people, will help. Their are probably people with much higher salaries that are jealous of your contribution rate. Hanging out on this forum jades your view of the world. Most people are struggling with car payments and child car not maxing out their 401K Roth.

This is a small speed bump in your life. Get your money back, and keep on maxing!

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by tesuzuki2002 » Wed Jan 15, 2020 1:24 pm

Speed777 wrote:
Tue Jan 14, 2020 2:09 pm
tesuzuki2002 wrote:
Tue Jan 14, 2020 12:55 pm

Have you maxed a Roth IRA for last year? You could redirect the money over here you have until tax day to get that done.
I have not and was actually already thinking about getting it in as Roth for 2019 by doing that instead. If I ever actually get my money back ... that is!!!! 🤦‍♀️
I'd be in their office everyday!!! Tell your manager you can not work due to issues with HR.

tesuzuki2002
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by tesuzuki2002 » Wed Jan 15, 2020 1:26 pm

8foot7 wrote:
Tue Jan 14, 2020 1:19 pm
tesuzuki2002 wrote:
Tue Jan 14, 2020 12:55 pm
I would ask for 2 additional vacation days for the inconvenience and loss they have caused you.
Over a $900 deferral that ends up being given back? This is extremely poor career advice, imo.
I don't like getting jerked about by corporate shenanigans and the beauty of not needing a job. (i.e being financially secure) It's business. They should have returned that money directly to the employee the week they pulled it from the 401K. I would not want to work for a place that has a shady HR and accounting office.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Wiggums » Wed Jan 15, 2020 1:50 pm

prudent wrote:
Tue Jan 14, 2020 12:22 pm
Watty wrote:
Tue Jan 14, 2020 12:11 pm
One thing you may be running into is that to get a correction check like this it might take several people to sign off on it and some of those people may have been on vacation over the holidays or swamped with closing out the year end books.

It isn't like any payroll clerk could just cut a check like this.

For example if might sit on a controllers desk for a week, then be passed on to a VP who just went out of town.
That's exactly the type of scenario which would have happened where I worked. It's a one-off situation and doesn't fit the standard "workflow" for issuing checks. If they said they'll refund it, I believe they will.
I’m sure that he will get the check. Probably no way for them to get the money back thru the payroll system now that we are in 2020. Frustrating, but not the biggest issue in the world.

nolesrule
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by nolesrule » Wed Jan 15, 2020 6:35 pm

I still don't get why they can't put it back in the 401k.

HomeStretch
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by HomeStretch » Wed Jan 15, 2020 6:53 pm

I am surprised that your company is not required to correct their failure to withhold (after the erroneous withdrawal) the deferral amount you elected and contribute it timely to the 401k plan.
https://www.irs.gov/retirement-plans/fi ... -elections

Big Dog
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Big Dog » Wed Jan 15, 2020 7:52 pm

you might want to remind the CEO/owners/board that they can be held personally liable for any 401k withholding screw-ups.......

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by LadyGeek » Wed Jan 15, 2020 8:02 pm

This thread is now in the Personal Finance (Not Investing) forum (401(k) plan compliance).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Unladen_Swallow » Wed Jan 15, 2020 8:35 pm

OP,

Sorry this has happened to you. Your choices:

1. persuade your company nicely to fix it
2. let it go
or
3. quit

You have no other choice.

Threatening to take it up with DOL etc might fix this, but it would certainly be the end of your prospects at this company. Do this if you have another job lined up. There is a cost of doing business, you have to determine what that cost is to you. Everyone involved is human. You have to decide if this is the ditch you want to die in.

This is not an issue about money. If it really is about money, I would urge to you regain perspective. It is only $800 that you have been unable to add to your 401k. It is nothing compared to $18,000 you were able to contribute.

If this is about principle, I get that. I would be very annoyed myself. It is their responsibility to fix it afterall. But I won't cut off my nose to spite my face.
"I think it's much more interesting to live not knowing than to have answers which might be wrong." - Richard Feynman

nolesrule
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by nolesrule » Wed Jan 15, 2020 9:00 pm

I don't get why people think it's going to end prospects with the company. When my wife and I have had payroll screw ups, HR and payroll fixed them and got it right. Sometimes it took longer than we'd like, and in one case it took 3 tries to fix it.

If the employee had a deferral election that was in place, the company has a legal obligation to honor it. They need to take corrective action to put the money back, not return the contribution. They have plenty of time to make it right.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Saving$ » Wed Jan 15, 2020 9:04 pm

Speed777 wrote:
Tue Jan 14, 2020 2:09 pm
tesuzuki2002 wrote:
Tue Jan 14, 2020 12:55 pm

Have you maxed a Roth IRA for last year? You could redirect the money over here you have until tax day to get that done.
I have not and was actually already thinking about getting it in as Roth for 2019 by doing that instead. If I ever actually get my money back ... that is!!!! 🤦‍♀️
This is the correct answer.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Katietsu » Wed Jan 15, 2020 9:12 pm

nolesrule wrote:
Wed Jan 15, 2020 9:00 pm
I don't get why people think it's going to end prospects with the company. When my wife and I have had payroll screw ups, HR and payroll fixed them and got it right. Sometimes it took longer than we'd like, and in one case it took 3 tries to fix it.

If the employee had a deferral election that was in place, the company has a legal obligation to honor it. They need to take corrective action to put the money back, not return the contribution. They have plenty of time to make it right.
Your response sounds perfectly appropriate. The OP seemed upset in a way that was out of proportion to the problem. The error occurred a little over two weeks ago only and over the holidays on top of that. I think what raised concern for me is that OP said he would consider the suggestion to contact the DOL.

I do agree that the company should fix it. I wonder if the seeming impatience of the OP caused them to look for the quickest solution instead of the correct solution.

supalong52
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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by supalong52 » Wed Jan 15, 2020 9:22 pm

10 business days is 2 weeks, which is about half a month. You'll probably get a check soon.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by H-Town » Wed Jan 15, 2020 10:02 pm

Watty wrote:
Tue Jan 14, 2020 12:11 pm
One thing you may be running into is that to get a correction check like this it might take several people to sign off on it and some of those people may have been on vacation over the holidays or swamped with closing out the year end books.

It isn't like any payroll clerk could just cut a check like this.

For example if might sit on a controllers desk for a week, then be passed on to a VP who just went out of town.

You will get the money back eventually so while it is hard to quantify in reality the value of what it cost you is roughly what it would cost to do an $800 Roth conversion, probably a couple of hundred dollars. All the time that the company will spend researching and fixing this and explaining it to auditors will likely cost them a lot more than that.

I am retired now but when I was working I am sure that I made more than a few mistakes that cost my employer more than that. While no one was happy that a mistake was made but they did not make a big deal out of it as long as it was not a pattern and the mistake got fixed.
+1.

OP: it sucks. But be patient and understanding of the process. Someone made a mistake. It will take time for payroll to correct it. Don’t let emotions get the better of you. No matter what the market is up or down. So what? it’s not like you can convert the short term gain right now into an immediate jackpot. You have many years until you can even touch the money. Be emotional about market up or down is a sure way to lose the game.

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Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by sergeant » Wed Jan 15, 2020 11:28 pm

supalong52 wrote:
Wed Jan 15, 2020 9:22 pm
10 business days is 2 weeks, which is about half a month. You'll probably get a check soon.
I agree. OP, take a deep breath. It's all going to be ok. It's a small bump in the road of life. Just make up the $800 in your Roth contribution when you get your check.
Lincoln 3 EOW! AA 40/60.

Topic Author
Speed777
Posts: 5
Joined: Mon Jan 13, 2020 10:36 pm

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Speed777 » Wed Jan 15, 2020 11:36 pm

supalong52 wrote:
Wed Jan 15, 2020 9:22 pm
10 business days is 2 weeks, which is about half a month. You'll probably get a check soon.
20 days after this whole thing started, I still don’t have my check. I asked for a status update and they said they haven’t even written it / processed it and are hoping to have it sent out by the end of the week. Then I’ll probably have to wait another 7-10 business days. It’s ridiculous and really makes me feel like they aren’t taking this seriously at all.

MindBogler
Posts: 885
Joined: Wed Apr 17, 2013 12:05 pm

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by MindBogler » Wed Jan 15, 2020 11:37 pm

They should put it back in.

CoastalWinds
Posts: 717
Joined: Sat Apr 06, 2019 8:28 pm

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by CoastalWinds » Wed Jan 15, 2020 11:44 pm

They probably aren’t taking it seriously enough, but you are taking it a little too seriously. Just have patience. And think longer term.

chevca
Posts: 2987
Joined: Wed Jul 26, 2017 11:22 am

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by chevca » Wed Jan 15, 2020 11:45 pm

Speed777 wrote:
Wed Jan 15, 2020 11:36 pm
supalong52 wrote:
Wed Jan 15, 2020 9:22 pm
10 business days is 2 weeks, which is about half a month. You'll probably get a check soon.
20 days after this whole thing started, I still don’t have my check. I asked for a status update and they said they haven’t even written it / processed it and are hoping to have it sent out by the end of the week. Then I’ll probably have to wait another 7-10 business days. It’s ridiculous and really makes me feel like they aren’t taking this seriously at all.
What seems like the biggest deal in the world to you, is just one of a thousand things they have to do. Keep perspective on this.

Topic Author
Speed777
Posts: 5
Joined: Mon Jan 13, 2020 10:36 pm

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by Speed777 » Wed Jan 15, 2020 11:49 pm

chevca wrote:
Wed Jan 15, 2020 11:45 pm

What seems like the biggest deal in the world to you, is just one of a thousand things they have to do. Keep perspective on this.
True but one of a thousand things they wouldn’t have had to do if they had done their job right in the first place.

CoastalWinds
Posts: 717
Joined: Sat Apr 06, 2019 8:28 pm

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by CoastalWinds » Wed Jan 15, 2020 11:58 pm

Speed777 wrote:
Wed Jan 15, 2020 11:49 pm
chevca wrote:
Wed Jan 15, 2020 11:45 pm

What seems like the biggest deal in the world to you, is just one of a thousand things they have to do. Keep perspective on this.
True but one of a thousand things they wouldn’t have had to do if they had done their job right in the first place.
I find myself saying this about a person or business every single day. There is no shortage of incompetent people out there, and it can be frustrating to deal with them. But don’t let their problem consume your life.

knightrider
Posts: 616
Joined: Fri Jun 06, 2014 11:20 am

Re: 401(K) issue - my employer took MY money!!! (due to miscalculation) and won’t make it right.

Post by knightrider » Thu Jan 16, 2020 9:44 am

Speed777 wrote:
Mon Jan 13, 2020 10:56 pm
The stock market is doing well and I had my money invested properly and my employer came in behind me and withdrew my investments against my consent (when their bases for doing so was wrong). Their mistake but I’m the one suffering the consequences.
Not to get too off-topic, but trying to "time" the market is a big no-no in this forum.. I would suggest spending more time reading about the investing basics. Just invest in good funds and never worry about what the market is doing...

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