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Thread: untimely 401K contributions by employer Tennessee

  1. #1
    Junior Member
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    Default untimely 401K contributions by employer Tennessee

    My current employer is not making timely 401k contributions. Every 2 weeks my paycheck has funds taken out of my paycheck to be placed into my retirement account. The problem is the funds are only being deposited once per quarter, sometime longer than that to the account. I feel as if I am missing the opportunity to have my $$$ making more $$$. Also, when the market is low I can get more shares for my investment. I guess what really bothers me the most is that it is my money. If I chose not to participate in the plan the dollars would still be in my paycheck. My company is basically make interest on the plan $$$ until the make the deposit. This is happening to all the employees in the company who are participating in the plan.

    What are the current regulations for timely deposits of these funds? Is there any recourse for lost $$$ or interest? Can the my company be fined for such activities?

  2. #2
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  3. #3
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    Unhappy untimely 401K contributions by employer

    I experienced the same thing and complained with documents to the employer and then I did not get an answer, but i got retaliation such as transferred and demoted; then the employer terminated my employment after I complained with the Federal Labor Department. The Federal Labor Department dismissed my case and the investigator told me that the employer can delay the contributions and there was no violation of any kind by the employer. My advise to you; just keep your mouth shut in order to keep your job or wait until the new federal government/administration come in to renew the Federal Labor Department, then you can start to make complaint. I hope that you know why not to complain to the current Federal Labor Department. It will not bring you any good. Trust me. Good lucks.

  4. #4
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    Default

    Lawtalk, I don't know how long ago this happened to you, but you might want to consider speaking with an employment attorney. The federal DOL does not generally handle wrongful termination cases.

    And LongStick, WHAT interest? The market has been tanking for months.
    I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

  5. #5
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    Default 401K's

    Personally I would never participate in any paper scheme, but I too was
    recently forced to participate in a 401K, and, even though the employer is in violation of Washington State Law, the US Department of Labor refuses
    to follow Washington State Labor law. Claiming that as a contracted employee under the "Service Contract Act," the employer can impose participation because we work on/in a "Federal Contract." This hyperbole is,
    of course, just a complete manipulation of the intention of the Service Contract Act. In fact, the actual contract between the government and the contractor states they have to follow all state and federal laws. Obviously,
    the US Department of Labor is nothing more than a front for Corporations.
    Blatant criminal thievery supported and protected by transparent criminals masqurading as protectors of the common people. Don't expect any help from those people.

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