Forced 401k plan
The company i was working for was bought out by somebody else.I knew I was going to get a pay cut, but it is a lot more than what I was told.The benefit package that we were promised still isnt together 23 days now.And last they are taking 6% out of our pays for a 401k plan( they match up to that much) but I neve signed up for it.I cant afford it with the pay cut.can anything be done about any of this
2 answers | asked Jan 22, 2008 11:13 PM [EST] | applies to Pennsylvania
Answers (2)
CORRECTION: You may have to 'opt out' of the 401(k) offered.
To follow up on my answer, above, there is a new form of retirement plan that automatically enrolls ALL employees. You may 'opt out' of these plans, however; you should contact your employer or the plan administrator to do so.
/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com
posted by Christopher Ezold | Feb 14, 2008 11:04 AM [EST]
To follow up on my answer, above, there is a new form of retirement plan that automatically enrolls ALL employees. You may 'opt out' of these plans, however; you should contact your employer or the plan administrator to do so.
/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com
posted by Christopher Ezold | Feb 14, 2008 11:04 AM [EST]
Generally, you cannot be forced to contribute to a 401(k) plan.
Before I respond to your inquiry, I must state that we have not spoken, I have not reviewed the relevant documents and facts, and I do not represent you. Therefore, my discussion below is not a legal opinion, but is informational only. Finally, my discussion applies only to issues to which Pennsylvania or Federal law apply, unless otherwise specified.
That being said, generally, you cannot be forced to contribute to a 401(k) plan. If you do not contribute, you won't receive any matching funds from your employer.
Unfortunately, if the buyout resulted in a large pay cut and a lack of benefits, the writing is likely on the wall; your best resort is almost certainly to get a better job elsewhere.
If you would like to discuss this matter further, please feel free to contact me at the below address(es) or number.
/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com
posted by Christopher Ezold | Jan 23, 2008 08:40 AM [EST]
Before I respond to your inquiry, I must state that we have not spoken, I have not reviewed the relevant documents and facts, and I do not represent you. Therefore, my discussion below is not a legal opinion, but is informational only. Finally, my discussion applies only to issues to which Pennsylvania or Federal law apply, unless otherwise specified.
That being said, generally, you cannot be forced to contribute to a 401(k) plan. If you do not contribute, you won't receive any matching funds from your employer.
Unfortunately, if the buyout resulted in a large pay cut and a lack of benefits, the writing is likely on the wall; your best resort is almost certainly to get a better job elsewhere.
If you would like to discuss this matter further, please feel free to contact me at the below address(es) or number.
/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com
posted by Christopher Ezold | Jan 23, 2008 08:40 AM [EST]
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