Can I be forced to invest in a retirement plan? | TigerDroppings.com

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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

Can I be forced to invest in a retirement plan?



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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gizmoflak
Georgetown Fan
Member since May 2007
9053 posts
 Online 

re: Can I be forced to invest in a retirement plan?


What does your Employment Contract say?





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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: Can I be forced to invest in a retirement plan?


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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Chris Farley
Maryland Fan
Regulating
Member since Sep 2009
3701 posts

re: Can I be forced to invest in a retirement plan?


Sure, it's called social security.





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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: Can I be forced to invest in a retirement plan?


I am not talking about SS. That already comes out of the check.





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eng08
LSU Fan
Member since Jan 2013
2170 posts
 Online 

re: Can I be forced to invest in a retirement plan?


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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vjp819
LSU Fan
South Sec. 414 / Alex Box Sec. 210
Member since Nov 2003
6990 posts

re: Can I be forced to invest in a retirement plan?


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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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: Can I be forced to invest in a retirement plan?


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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HamSandwich
LSU Fan
Member since Sep 2010
1279 posts

re: Can I be forced to invest in a retirement plan?


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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StrangeBrew
LSU Fan
Salvation Army-Thanks Obama
Member since May 2009
13881 posts

re: Can I be forced to invest in a retirement plan?


This is America God Dam It, you can be forced to buy anything the government wants you to buy.





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eng08
LSU Fan
Member since Jan 2013
2170 posts
 Online 

re: Can I be forced to invest in a retirement plan?


If you don't have to contribute to it but are enrolled automatically what's the issue here?





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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
12078 posts

re: Can I be forced to invest in a retirement plan?


Will you be able to get benefits from it? Why complain if you are?





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matthew25
Ole Miss Fan
Member since Jun 2012
3489 posts

re: Can I be forced to invest in a retirement plan?


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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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: Can I be forced to invest in a retirement plan?


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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fishfighter
LSU Fan
Baton Rouge
Member since Apr 2008
19373 posts

re: Can I be forced to invest in a retirement plan?


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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BayouBengal
LSU Fan
München
Member since Nov 2003
26717 posts

re: Can I be forced to invest in a retirement plan?


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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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
9057 posts
 Online 

re: Can I be forced to invest in a retirement plan?


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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