I have been working for this small business for going on 11 years. In 2018, I was offered another job and was about to leave but then my employer offered me
- 9% salary increase
- 401K retirement plan with up to 5% matching contribution
- Stock option (10 shares of the company ) – profit sharing
Now all of that sounded way better than what I was getting, plus I did not want to commute into the city everyday. I reviewed my first quarterly statement and my contributions were going in just fine and after that I didn't really check on it again. Until my husband lost his job in Sept. and we were making ends meat but unemployment has run out and extensions are delayed. I decided to check my 401k thinking that I can probably take out a loan for hardship. I have 3 kids and 1 income and no medical insurance, etc.. That is when I checked my annual statement for 2020 I noticed a huge discrepancy. The money was not there, my contributions are not listed and neither is the employers contributions. I mentioned it to my employer and she stated that she didn't know and that I should contact Merrill Edge who handles my 401k account. I dont really understand the 401k plan either but I know that the money has been deducted from my check 2 times a month and should be growing . There is a little over $1600 in that account and now I am wondering where my money is. I want to see the money trail on paper. What are my employer's penalties and how much did I loose in her not managing my contributions correctly and will I be compensated for what was lost. Close to $8000 of my contributions and who knows what her contributions were suppose to be. Can someone please help me understand?
Submitted January 27, 2021 at 03:15AM by Internal-Top9356 https://ift.tt/39ifJFv