π Question: Why has my employer suddenly stopped contributing to my 401(k) in California?
π High-volume hashtags: #401k #employercontribution #retirementplanning #California #finance #moneymanagement
#### Is your employer no longer contributing to your 401(k) in California? Here’s what you need to know:
Understanding the Situation:
– It can be unsettling when your employer ceases contributions to your retirement fund unexpectedly.
– This change can have a significant impact on your long-term financial plans and retirement savings.
Reasons for the Stoppage:
– Changes in company policy or financial difficulties could be reasons for the sudden halt.
– Ensure to review your employment contract or speak with HR to understand the specifics of this decision.
– It’s essential to have a clear understanding of why your employer has made this change.
Taking Action:
– Assess your current retirement savings and seek advice from a financial advisor.
– Consider increasing your personal contributions to make up for the loss of employer contributions.
– Explore other retirement savings options to ensure a secure financial future.
You should report this to the department of labor. Youβre missing investment income opportunities by not having your rightful earnings deposited in a timely fashion.
In my experience this is a prelude to bankruptcy.
Until this is sorted out it is theft. Follow up, don’t let them brush you off. Soon is not good enough, tell them you need a date this will be fixed by so that you can escalate the day after that date is missed.
Sounds like the βissues with the bank accountβ are that there is no money in itβ¦..
Regardless of how this goes, Iβd be searching for a new job if I were youβ¦
Let them know you want confirmation of everything being sent to the record keeper within 3 business days or youβre going to the DOL
My employer will automatically stops contributions if you are at or near limit, but itβs only April so I dunno
EBSA complaint
and put your resume out there – this could be a sign of them going bankrupt
Is there someone else to ask besides HR? This happened at a local company and it was because the HR person was embezzling funds. Do something soon, donβt let them push you off.
Unless you hit the max amount per year allowed. Iβd start looking for another job. A few companies in my hometown have gone under and all of their employees had the same experience.