Some employers steal from 401(k) plans
07/26/2010 0 comments
Robert Powell at MarketWatch.com reported that "Most of the time, the money you contribute to your 401(k) ends up in your account. But there are times when it doesn't, as evidenced by a recent flurry of press releases from the U.S. Labor Department's Employee Benefit Security Administration. "
The main problem seems that some employers did not deposit employees' contribution timely and misused the funds that were at transit. In general, once the funds are in a 401K custodian account, it is much harder for anyone to misuse the funds. So the key here is to check your account balance once your paychecks are cut.
Further due diligence includes checking Form 5500: the 401K audit report that is publicly available from the Labor Department and check warning signs such as total amount withheld in your paychecks.
Staying on top of hard earned money and make sure it is not only integral but grow consistently.
labels:401K,Retirement,
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