So what’s the protocol again for when your boss cancels your 401k?
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tcr!
· Sep 28, 2018 at 12:16 pm
So what’s the protocol again for when your boss cancels your 401k?
← Sep 29th, 2018 at 9:51:41 am Do you ever wake up cranky for no good reason? →
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sadiebug92 · Sep 28, 2018 at 12:17 pm
Murder…..🤷♀️
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Kelly K · Sep 28, 2018 at 12:21 pm
I’m not sure, but I’m positive justified anger is appropriate here!
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JPJ · Sep 28, 2018 at 12:22 pm
First, talk to your financial advisor, BUT You still have the 401k and you can still contribute to it. Your employer does not have to contribute. You may need to convert the existing 401K into an IRA…
Talk to a financial adviser!
JPJ · Sep 28, 2018 at 12:23 pm
This should not be something to be angry about… just a change in how you make contributions to your retirement…
Yeah, I kinda feel it’s like giving somebody a raise and then taking it back a couple of years later.
JPJ · Sep 28, 2018 at 12:26 pm
well, a raise is just that.. a raise. A contribution to a benefit package is completely separate, granted it is monetary in nature…
Mona · Sep 28, 2018 at 12:38 pm
Um. Why not?.
fiatlux423 · Sep 28, 2018 at 12:52 pm
Yeah anger is a normal response to this.
Mona · Sep 28, 2018 at 12:58 pm
Benefits are part of your pay package.
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fiatlux423 · Sep 28, 2018 at 12:51 pm
Wow that’s horrible
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Tell him that you totally understand a 401K is a luxury that most employers don’t offer anymore. Tell him too, that most employers do offer salaried employees heath insurance and you’d be willing to accept that in exchange for your 401K benefits.
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DH · Sep 28, 2018 at 2:16 pm
Ask for a raise so you can contribute to an IRA.
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jenkins_arts · Sep 28, 2018 at 4:20 pm
What you have contributed to it remains yours as does the contributions an employer has made up to the point they stopped contributing. That’s my understanding.
Mona · Sep 28, 2018 at 4:29 pm
Unless employer contributions are tied to a vesting schedule
jenkins_arts · Sep 28, 2018 at 4:30 pm
I agree. Thanks Mona, hope you are well!
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Mona · Sep 28, 2018 at 4:31 pm
There are many legitimate reactions to this. Mine would be to start looking for another job.
Yep
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