What is the name of your state? Maryland
I work for a small company and have had a 401 for only about six years now. I receive regular quarterly statements from my 401 plan, but actually never looked at them closely until recently. I admit this was dumb on my part. When I received the Year End Statement for 2005, I totalled up the amounts that I contributed, deducted weekly from my paycheck, and found that just about half had been sent in. In checking the 2004 statement, I found it over $800 short.
I contacted the Plan Administrator who said that the employer personally handled it and that all money was sent in by him directly. This was confirmed by John H. Funds. He said that he would look into it. The employer was also directly contacted and told of the discrepancy.
The 2005 contributions, listed on the Year End Statement, included some for 2004, which I found odd. Turns out that my employer has been sitting on the money until he "feels like" sending some in. He waits sometimes as long as 18 months.
I told the Plan Administrator that I expected this to be cleared up by my March quarterly statement. The amount that I truly contributed has been reported to the IRS and appears on my W-2 form. But all of that money was not sent in. I have ordered back statements from the last several years and intend to go over them carefully. I realize that I have been amiss in not checking them on a timely basis.
I reported this a month ago. And I've reminded them recently that I still haven't received an answer. From their attitude, it will get fixed when it gets fixed. I wondered if anyone out there ever had a similar problem, or knew where I could find any rules concerning this matter.
I work for a small company and have had a 401 for only about six years now. I receive regular quarterly statements from my 401 plan, but actually never looked at them closely until recently. I admit this was dumb on my part. When I received the Year End Statement for 2005, I totalled up the amounts that I contributed, deducted weekly from my paycheck, and found that just about half had been sent in. In checking the 2004 statement, I found it over $800 short.
I contacted the Plan Administrator who said that the employer personally handled it and that all money was sent in by him directly. This was confirmed by John H. Funds. He said that he would look into it. The employer was also directly contacted and told of the discrepancy.
The 2005 contributions, listed on the Year End Statement, included some for 2004, which I found odd. Turns out that my employer has been sitting on the money until he "feels like" sending some in. He waits sometimes as long as 18 months.
I told the Plan Administrator that I expected this to be cleared up by my March quarterly statement. The amount that I truly contributed has been reported to the IRS and appears on my W-2 form. But all of that money was not sent in. I have ordered back statements from the last several years and intend to go over them carefully. I realize that I have been amiss in not checking them on a timely basis.
I reported this a month ago. And I've reminded them recently that I still haven't received an answer. From their attitude, it will get fixed when it gets fixed. I wondered if anyone out there ever had a similar problem, or knew where I could find any rules concerning this matter.
