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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Do you have a 401K?
there shouldn't be a delay at all. Investigate it.
your employer shouldn't be treating it as an escrow account.
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Posted 5/4/08 12:29 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Do you have a 401K?
Posted by dreamworld06
Posted by lilacwine
Every pay check until I max out. That said, I plan my contributions so that I max out on the last paycheck and maximize my company's match.
I've never heard of a plan that transfers employee contributions to the accounts on a frequency other than every pay period. Why do you ask?
I ask because I have money for my 401K taken out of my paycheck twice a month. When you go to the account online, the last time money was deposited into my 401K account was Feb 29th. This means the company is holding onto 4 paychecks and I contribute 15% of my salary. My coworkers are furious and I'm just wondering if anyone has had the same problem.
Legally, they don't have to deposit your contributions immediately. My company has over 30,000 people and at the beginning of this year they went from depositing the contributions as of the pay date to depositing them about five business days later. I looked into it and companies do have time to transfer the contributions.
I'll see if I can find the regulations on it. Two months seems like a lot of time.
ETA: Google 401k contribution timing
Message edited 5/4/2008 12:56:10 PM.
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| Posted 5/4/08 12:49 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you have a 401K?
I have a 401K at work- they take a % every week when I get paid
paid thursday- in the account friday
i also have an IRA at my bank- I put a set amount in on the 15th- it's a automatic transfer from checking to the account
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| Posted 5/4/08 1:03 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Do you have a 401K?
i have a 403b and my money is directly taken out of my check and it takes a few days to hit my account
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| Posted 5/4/08 1:04 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: Do you have a 401K?
Yes, 10% every paycheck & co mathes 75%...it'll match 100% in 3 yrs.
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| Posted 5/4/08 3:00 PM |
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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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Re: Do you have a 401K?
Thanks for the link. If I'm reading it correctly, they're definitely going over the timeline. I'll have to show them that article. Thanks!
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| Posted 5/4/08 3:53 PM |
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