I work for a very large private company in California. They match 401k contributions up to 5%. They also automatically enroll new employees at a 3% contribution. I started in April 2017. In November of 2017, I asked HR for help logging into my portal online so that I could reallocate my contributions and increase my contributions to 5%. I was able to adjust the type of investments, but could not change the amount I contributed. The balance was also at $0, which seemed weird.
HR called the 401k management company and asked what was up, but got the run-around. They stated that whatever the case may be, my account should be back funded with the 3% and match. My pay statements for the next 3 months showed that 5% was being taken out for my 401k, and even though I still couldn't change anything manually online, it seemed like everything was up and running. Well.
Cut to the beginning of 2019, I finally hear back in an email from my HR department. The email includes a thread from the folks at the retirement company, who between one another explain that our 3rd party payroll company had made an error which essentially fired me every other week and rehired me, and that this somehow had stopped any contributions. Now, my retirement portal says my account is up 36% "annualized", and shows 2.2K in distributions that I never took. I don't make a ton of money, but had the 5% been added past that first 3 months my to-date contribution would be over 5.5K. If that was matched my account would be a little over 11K plus whatever gains, which sounds like 36% which sounds very high to me. My HR wrote back saying that the retirement company would be funding the account 2.3K and that they consider the case "completely closed". Not sure what to do next.
Submitted February 28, 2019 at 03:36AM by koaeas https://ift.tt/2NvNeb1
