Can I be forced to invest in a retirement plan?
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Can I be forced to invest in a retirement plan?
Posted by rpg37 on 6/25 at 6:30 pm
Today, my part time employer said my next paycheck would include a deduction to the PERS organization. No reasons, no explanation, no anything. Can they do this?

I have a Roth IRA and invest in this. This is all I want. Can my employer force this on me?



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Posted by gizmoflak on 6/25 at 6:33 pm to rpg37
What does your Employment Contract say?


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Posted by rpg37 on 6/25 at 6:35 pm to gizmoflak
quote:

What does your Employment Contract say?


It has nothing regarding this language. My main job is teaching, I do this (Aquatics Management) as my part time and am paid by the county. My contract suggests I am not obligated to be in this program at all.



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Posted by Chris Farley on 6/25 at 6:41 pm to rpg37
Sure, it's called social security.


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Posted by rpg37 on 6/25 at 6:49 pm to Chris Farley
I am not talking about SS. That already comes out of the check.


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Posted by eng08 on 6/25 at 7:31 pm to rpg37
Did your hours go up since its the summer?

That might have automatically required your entry into it.

Just a thought I had. Is it a good plan?



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Posted by vjp819 on 6/25 at 7:44 pm to rpg37
i've never heard of anyone being forced to invest in a workplace 401k plan. it's generally a benefit of the company, not a requirement of employment.


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Posted by rpg37 on 6/25 at 8:00 pm to eng08
quote:

Did your hours go up since its the summer?


I am strictly part-time - 20 hours a week.

quote:

Is it a good plan?


PERS is known as a top plan for Mississippi employees. But, since there is no employee contribution, it is useless to me since I have a ROTH IRA and already have a financial advisor.



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Posted by HamSandwich on 6/25 at 8:10 pm to rpg37
quote:

Can my employer force this on me?

Yes.
quote:

Participation in PERS is mandatory for an employee in a covered position

LINK



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Posted by StrangeBrew on 6/25 at 8:14 pm to rpg37
This is America God Dam It, you can be forced to buy anything the government wants you to buy.


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Posted by eng08 on 6/25 at 8:14 pm to rpg37
If you don't have to contribute to it but are enrolled automatically what's the issue here?


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Posted by GenesChin on 6/25 at 8:28 pm to rpg37
Will you be able to get benefits from it? Why complain if you are?


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Posted by matthew25 on 6/25 at 10:14 pm to GenesChin
I thought employees of the state of Mississippi had a mandatory 9.25% (?) contribution to the state pension fund. And the state contributes 14.5% (?).

Anyone here a state employee?



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Posted by rpg37 on 6/25 at 10:47 pm to HamSandwich
I don't understand. If this is required, why was this not done last year when I started working there? Is there a required, set amount I have to contribute?


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Posted by fishfighter on 6/26 at 4:48 am to rpg37
If you have to contribute to it, is it before tax? If so and they are matching, why not take it? It's free money.


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Posted by BayouBengal on 6/26 at 9:04 am to rpg37
When I worked a state job years ago we didn't pay SS but we were forced to pay into a 403(b) administered by TIAA-CREF.


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Posted by ZereauxSum on 6/26 at 10:20 am to rpg37
quote:

I don't understand. If this is required, why was this not done last year when I started working there? Is there a required, set amount I have to contribute?


Since PERS is a defines benefit plan, I suspect that your contribution is up to your employer.

Did something change with respect to your employment status with the county? Were you a contract employee when you started?



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