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401K matching question.
Posted on 1/29/15 at 8:42 pm
Posted on 1/29/15 at 8:42 pm
I Googled and can't quite get the answer I'm looking for. Does anyone run a business and know the rules for depositing 401K matching.
Sotry: Wife works for small business that's been around for a long time, but is having cash flow problems. They usually deposit her portion monthly and the 401k match once a year 12/31. Has not been deposited yet. What's the deadline for the employer to do that?
To complicate matters she is taking another job. Trying to decide if I should call department of labor or is this lawful and common?
Sotry: Wife works for small business that's been around for a long time, but is having cash flow problems. They usually deposit her portion monthly and the 401k match once a year 12/31. Has not been deposited yet. What's the deadline for the employer to do that?
To complicate matters she is taking another job. Trying to decide if I should call department of labor or is this lawful and common?
1
Posted on 1/29/15 at 9:26 pm to Libertariantiger
Pretty sure it's discretionary as far as the match goes. There is no statutory requirement for them give a match.
Now if they haven't deposited the money that was deducted from her paycheck, then that's a big problem.
Have they only not deposited the match or are they also holding her deduction as well.
Now if they haven't deposited the money that was deducted from her paycheck, then that's a big problem.
Have they only not deposited the match or are they also holding her deduction as well.
Posted on 1/30/15 at 7:21 am to iAmBatman
They deposited her money. The company'S match is what is bot deposited. The match is not mandatory and her contract says "may" match, but they have put their contribution on her pay stub for the last year, which should be pretty cut and dry.
Posted on 1/30/15 at 8:45 am to Libertariantiger
If that's the case then there really is nothing to do about it. They're having cash flow problems and decided not to match, simple as that
Posted on 1/30/15 at 9:20 am to Libertariantiger
There may be some notice requirements that have to be given if a match is suspended... but... a lot of those rules don't apply to really small businesses.
In any event a match is generally not considered a contract.
In any event a match is generally not considered a contract.
Posted on 1/30/15 at 9:56 am to LSUFanHouston
Any employer contributions are not due until the company files its takes for the year, with extensions.
For 2014 contributions that could be as late as September of 2015.
If it is a discretionary match then they don't have to make it at all. They also don't have to announce the formula for match or any changes during the year.
For 2014 contributions that could be as late as September of 2015.
If it is a discretionary match then they don't have to make it at all. They also don't have to announce the formula for match or any changes during the year.
Posted on 1/30/15 at 1:39 pm to Maderan
That is what I was reading on the Interne. Basically it could be a whole year later if they file extensions for taxes etc.
I understand they can quit, change, refuse to match, but if they put it on your pay stub it should be their obligation at that point. Wouldn't that qualify for a contract?
I understand they can quit, change, refuse to match, but if they put it on your pay stub it should be their obligation at that point. Wouldn't that qualify for a contract?
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