Prev: I still have a 401k from my last job. What do I do about that?
Here are some steps you can take.
Is something fishy with your 401(k)? Maybe you fear that your regular contributions are not being made, or they always seem to be made late. Problems can range from simple clerical mistakes to gross mismanagement. If you notice an error or have a question about your 401(k) statement, contact your HR rep or plan provider. If you suspect that your company 401(k) plan is being mismanaged or misused in any way, contact the Department of Labor’s Employee Benefits Security Administration (EBSA) by calling toll-free 1-866-444-3272 or online at their website.
Here are areas where problems can arise:
Check your statements to be sure that your contributions are being made in a timely and regular manner. By law, employers generally must deposit your 401(k) contribution in your account within 15 business days after the end of the month in which they withhold your contribution. For companies with fewer than 100 participants, the deadline is within seven business days. The contribution amounts should match the amounts deducted from your paychecks.
Make sure that your contributions are going into the mutual funds that you selected, and in the correct percentages. If you change your investments, the change should be reflected on your statement.
Have the investment options (mutual funds) for the plan changed without your notification?
Beware if your 401(k) plan managers — such as the plan administrator, trustee or recordkeeper — change more than once every two years.
You should receive 401(k) statements at least quarterly, according to federal law.
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