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Acceptable amount of time for 401k deposits to be in account?
Posted on 10/31/16 at 3:10 pm
Posted on 10/31/16 at 3:10 pm
I got paid on the 14th (14th due to 15th being on a Saturday) and I just got paid again today. My deposit from the 15th has still not made it to my 401k and another just got taken out of my check today.
I feel like I have a right to be pissed about this considering it has happened before several years ago. Granted, I know in the long run it doesn't really matter as long as it gets there in a decent amount of time.
Typically, it takes about 5-6 days for it to get there, however in September one of them took 12 days.
ETA: FWIW, I am putting about 23% in every pay period (bi-monthly). So it's not exactly a small amount.
I feel like I have a right to be pissed about this considering it has happened before several years ago. Granted, I know in the long run it doesn't really matter as long as it gets there in a decent amount of time.
Typically, it takes about 5-6 days for it to get there, however in September one of them took 12 days.
ETA: FWIW, I am putting about 23% in every pay period (bi-monthly). So it's not exactly a small amount.
This post was edited on 10/31/16 at 3:25 pm
4
Posted on 10/31/16 at 3:28 pm to OnTheBrink
My employer deposits our 401k withdrawals the same day as we get paid (Thurs) and you can see the transaction online on Friday.
Never once in 15 years have they delayed the deposit.
Never once in 15 years have they delayed the deposit.
Posted on 10/31/16 at 3:31 pm to OnTheBrink
I'll do you one better, former employer of mine was depositing our contributions into our accounts immediately but only depositing their matching contribution quarterly. They did this without notice or policy change. Took a few months for someone to notice and all hell broke lose.
Posted on 10/31/16 at 3:39 pm to OnTheBrink
The law says the deposits have to be made as early as "the deferrals can reasonably be segregated from general assets" but no later than the 15th of the month following the paycheck.
You are not alone. DOL has been cracking down on these delays as they really are nothing more than short term interest free loans from the employee to the employer.
Mine generally appear 2-3 days later. However, our safe harbor is a flat 3 percent. (no match). This is deposited right around Sept 1st of each year and is based on our earnings from July 1 to June 30th.
You are not alone. DOL has been cracking down on these delays as they really are nothing more than short term interest free loans from the employee to the employer.
Mine generally appear 2-3 days later. However, our safe harbor is a flat 3 percent. (no match). This is deposited right around Sept 1st of each year and is based on our earnings from July 1 to June 30th.
Posted on 10/31/16 at 5:32 pm to LSUFanHouston
quote:
The law says the deposits have to be made as early as "the deferrals can reasonably be segregated from general assets" but no later than the 15th of the month following the paycheck.
Pre Katrina I worked for the Orleans Parish School Board, they would deposity my contributions to ING, bi-monthly. And by that they meant every other month. On February 15th, they would send my 403b contributions to ING for my 1/1, 1/5, 2/1, & 2/15 deductions. The next deposit would be in April.
Posted on 10/31/16 at 5:49 pm to OnTheBrink
Mine is 2 days after. Get a direct deposit every week and after I get it, 2 days later it's in my fidelity acc
Posted on 10/31/16 at 5:49 pm to LSUFanHouston
quote:
the deferrals can reasonably be segregated from general assets
Phrasing like this irks me. It is obviously written by lawyers to keep themselves involved.
Posted on 10/31/16 at 7:50 pm to Golfer
quote:
'll do you one better, former employer of mine was depositing our contributions into our accounts immediately but only depositing their matching contribution quarterly.
My employer deposits both my contributions and their contributions quarterly. After a couple of weeks of having it deducted I logged in to my Fidelity account and the balance was zero. I called and asked where my money was going and he replied that they "make 401k deposits quarterly". I was wondering if this was normal.
Posted on 11/1/16 at 7:29 am to Kill Switch
That does not sound normal.
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