401K contributions not made
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401K contributions not made
My 401K deductions from salary was not contributed into company retirement plan since 2007 by my employer. What legal steps can I take?
Asked on June 4, 2009 under Employment Labor Law, Kentucky
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Get a lawyer and sue. Immediately. Right now. I mean that.
Drama aside, if your employer deducted from your salary and did not contribute to your retirement plan, you've--literally--been robbed. Taking your money is theft. Possibly it's not your "employer"--the company owner, big boss, etc.--but instead might be a payroll or accounting clerk diverting the money to his or her own ends, but someone has stolen from you.
(There is a *slight* chance it's some sort of oversight or negligence, but if it's been going on for 1 1/2 to 2 years, and especially if you've asked about it and not received any favorable response, then odds are it's theft.)
The reason you should act immediately is that stolen money has a way of disappearing or being used up. You don't want to give that more of a chance to happen.
My answer assumes that you HAVE inquired into the money and have not received a favorable answer. If you haven't, then ask about it tomorrow--if you never checked on the money, that increases the odds that this is some sort of mistake than can be straightened out, since if an error was made in setting up your account or where your contributions are sent, if you've never complained or inquired, your company would have no reason to think anything is amiss.
On the other hand, if you have asked and gotten nowhere, then get the lawer and let him contact the company for you. Once your attorney has satisfied him- or herself this is not an innocent error, you should file a police complaint as well.
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