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9/22/2017 12:11:25 AM
Posted: 9/8/2010 4:07:21 PM EDT
Link Posted: 9/8/2010 5:37:10 PM EDT
Her company is failing and she will be out a job soon. Contact the IRS and have your wife start looking for another job.
Link Posted: 9/9/2010 7:11:41 AM EDT
State attorney general, start searching for a new job, and perhaps the Mo Div of Labor

Bonus points if your wife can manage to get fired and collect unemployment until she can find a new job.
Link Posted: 9/9/2010 10:42:50 AM EDT
[Last Edit: 9/9/2010 10:45:01 AM EDT by eric10mm]
Link Posted: 9/9/2010 11:42:54 AM EDT
Dont know why the link isn't working for me but be forewarned cashing out a 401k is a major tax slam. I did it when I lost my job last year.

Only a Roth will give a break for hard ship not the 401K.
Link Posted: 9/9/2010 12:06:11 PM EDT
Originally Posted By eric10mm:
ETA: Tell her to start taking all the staplers and office supplies she can. Paper clips add up you know.


binder clips work good to told targets in place. i would say have her take a couple of boxes
Link Posted: 9/9/2010 12:17:17 PM EDT
The link does not work for me either, but I would not advise anybody in cashing their 401k in. I had to 6 years ago because of a divorce and I lost my ass!
Link Posted: 9/9/2010 12:34:35 PM EDT
I'll bet it's in Team and that's why it doesn't work.
Link Posted: 9/9/2010 12:39:33 PM EDT
Originally Posted By mustangracer:
I'll bet it's in Team and that's why it doesn't work.


Oh yea you are probably right....I need to go ahead and become a team member since I am going to be more active on this sight now!
Link Posted: 9/9/2010 6:41:20 PM EDT
Originally Posted By STLMags:
Originally Posted By mustangracer:
I'll bet it's in Team and that's why it doesn't work.


Oh yea you are probably right....I need to go ahead and become a team member since I am going to be more active on this sight now!
This...

Originally Posted By ProCharger:
I will try to keep this as short as possible but today it was brought to my wifes attention at work that her employer was no longer contributing to her 401k. I don't mean matching either. They have not contributed a dime since January 1, 2010. Every week her pay stubs still reflects 5% being withdrawn from her check. This money that is being withdrawn has never been seen by us. I have checked her statements, her online profile to the 401k, and her pay stubs. At this point what can we do? She doesn't want to lose her job and the other ignorant asses at her work want to keep silent BUT the way I am seeing it is they are stealing the money she earned.

On top of this she recently saw a fax stating that the companies Workmans Comprehension has been cancelled due to the the check being returned....I would assume that means insufficient funds.

The company employs roughly 10 employees.

We have tried calling the insurance agency who she has the 401k through but there is nobody there until tomorrow morning. I know it's not a whole lot of money but it is HER money. I come to figures between $750-$950.

What are your thoughts.



Link Posted: 9/9/2010 7:09:14 PM EDT
She should be able to roll over her 401k in to another retirement account with no penalty. That might be the prudent thing to set up now for whats coming.
Link Posted: 9/10/2010 7:28:16 AM EDT
Originally Posted By Rob_xiix:
She should be able to roll over her 401k in to another retirement account with no penalty. That might be the prudent thing to set up now for whats coming.


Usually, you can only roll it over once you've left the company. At that point, it would be a no penalty, no tax burden deal (unless you roll to a Roth.)
Link Posted: 9/10/2010 11:01:10 PM EDT
Originally Posted By Rob_xiix:
She should be able to roll over her 401k in to another retirement account with no penalty. That might be the prudent thing to set up now for what's coming.


Yes, just open an E-Trade account for now and create a "Self Directed IRA" then transfer it there until you find a fund you're comfortable with.
Link Posted: 9/11/2010 4:40:27 AM EDT
Link Posted: 9/11/2010 4:42:45 AM EDT
Originally Posted By tdowell:
Originally Posted By Rob_xiix:
She should be able to roll over her 401k in to another retirement account with no penalty. That might be the prudent thing to set up now for what's coming.


Yes, just open an E-Trade account for now and create a "Self Directed IRA" then transfer it there until you find a fund you're comfortable with.


You cannot roll over your 401K while you're still under their employ, unless that employer allows you to. Some smaller companies will allow this, but with their current situation, it doesn't sound like it's going to happen.

What they're doing is illegal. They're required to put that money ASAP as it's pulled out of your check. Not only are they sitting on the cash, but they're sitting on any gains that money (plus the matching amount) would have made YTD.

Companies also make money off their employee's 401Ks through "management fees". You will not see a penny taken out of your check or the matching, you will only see it in the annual report. Basically, you're not going to see as much of a return as since chosen fund has it's own fees, the broker's fees (Fidelity, Mass Mutual, etc.), and your employers fees. So if the actual value of all the stocks cause in the fund go up exactly $1, you might only see the price of the value go up by $0.95, because that $0.05 goes to the fees.

In some cases, these fees compounded have gotten ridiculus. Remember the guy that shot up that company in North STL? That's what it was over. Not only did his 401K go down the drain due to the market crashing, but ABT (sp??) was taking like 8-10%. I've been trying to get a copy of my company's 401K annual report for a while now......they tell me to call Mass Mutual. Mass Mutual tells me to call the HR.
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