401k withholdings missing

[Old School 360]

So, my employer is in some trouble, to say the least.

Always ran the company mortgaged to the hilt, but took it to the extreme a few years ago.

Since the 2014 acquisition of another company, Moody's has continually downgraded the bonds to the current Caa3 rating- basically the bottom of junk bond status.

Senior Secured Notes are due in 2018 to the tune of $520 million.

There's no focking money left.

 

Now- we've learned the company continues to withhold 401k contributions from our paychecks- but they haven't sent the money into the 401k since the end of October.

That's 3 paychecks for salaried people- 9 paychecks for hourly.

Can't get any focking response from HR or anyone else- they are very rude to any questions.

 

I'm tempted to call Department of Labor.

Isn't the company required by law to make these deposits within 15 business days after the paycheck is issued?

 

I know the money is safe once it reaches my 401k, but this in limbo money could disappear once the company declares bankruptcy.

 

Happy Focking New Year!

[joneo 529]

So, my employer is in some trouble, to say the least.

Always ran the company mortgaged to the hilt, but took it to the extreme a few years ago.

Since the 2014 acquisition of another company, Moody's has continually downgraded the bonds to the current Caa3 rating- basically the bottom of junk bond status.

Senior Secured Notes are due in 2018 to the tune of $520 million.

There's no focking money left.

 

Now- we've learned the company continues to withhold 401k contributions from our paychecks- but they haven't sent the money into the 401k since the end of October.

That's 3 paychecks for salaried people- 9 paychecks for hourly.

Can't get any focking response from HR or anyone else- they are very rude to any questions.

 

I'm tempted to call Department of Labor.

Isn't the company required by law to make these deposits within 15 business days after the paycheck is issued?

 

I know the money is safe once it reaches my 401k, but this in limbo money could disappear once the company declares bankruptcy.

 

Happy Focking New Year!

Sorry to hear. Definitely make the call.

[patweisers44 697]

This sucks. I would make the call as well. I seems to me you see the handwriting on the wall.

[supermike80 1,286]

Wow......Great...Your CEO will go to jail and you still wont get any of that money back

[NorthernVike 2,080]

Figure out a way to get it back on the side. The ship is going down, find a new ship.

[NorthernVike 2,080]

Publicly traded ? Let us know so we can short the stock.

[Gladiators 1,904]

As much as I hate recommending this, I'd call a labor law attorney as well.

[NorthernVike 2,080]

Eliminate your withholding until you know they can fix things.

[parrot 789]

I'm not sure what the law says but we only make our contributions once a month so I don't believe it's 15 days.

[patweisers44 697]

Publicly traded ? Let us know so we can short the stock.

All kidding aside, You realize even something as seemingly innocuous as this could land you in some hot water if it was traded upon?

[edjr 5,566]

Publicly traded ? Let us know so we can short the stock.

:reported:

[NorthernVike 2,080]

All kidding aside, You realize even something as seemingly innocuous as this could land you in some hot water if it was traded upon?

Meh. They'd have to catch me first.

[Patriotsfatboy1 1,432]

http://www.401khelpcenter.com/faq/faq_14.html#.WkPMrpWoupo

 

How soon does my employer have to deposit my contributions deducted from my pay into my 401k account?

Answer: Government regulations require that participant contributions to a 401k be deposited to the plan on the earliest date that they can be reasonably segregated from the employer's general assets, but in no event may they be deposited later than the 15th business day of the month following the month in which the participant contributions are deducted from their pay. What this DOESN'T mean is that your employer can wait until the 15th business day of the month following the month in which your contribution was deducted just for the convenience of doing so. If they can deposit the funds in one or two days, they must do so.

[edjr 5,566]

Check out back and make sure there is no helicopter raring to go

[drobeski 3,061]

Gofundme?

[Old School 360]

I emailed Fidelity- they called me and seemed shocked.

They referred me to our HR department- which consists of mean vindictive wrenches.

Seriously- it's 50/50 that I get fired for even questioning this one.

[edjr 5,566]

I emailed Fidelity- they called me and seemed shocked.

They referred me to our HR department- which consists of mean vindictive wrenches.

Seriously- it's 50/50 that I get fired for even questioning this one.

 

I know good lawyers

[IGotWorms 3,315]

Typically you can sue the hell out of them for something like that including any retaliation for your blowing the whistle. Depends on your jurisdiction but often you can get treble (triple) damages plus attorneys fees etc.

 

But if theyre that shady to be doing this then it could be tough to recover anything from them.

 

Personally Id be looking elsewhere pronto.

[Mungwater 588]

I emailed Fidelity- they called me and seemed shocked.

They referred me to our HR department- which consists of mean vindictive wrenches.

Seriously- it's 50/50 that I get fired for even questioning this one.

Do you know any labor lawyers? Sounds like youre going to need one

[edjr 5,566]

Do you know any labor lawyers? Sounds like youre going to need one

 

 

[Old School 360]

They fire so many salaried people that it is redicilous.

Sept 2015- Moody's noted "CFO resignation re-ignites senior management stability concerns"

 

For peons like me- the reason for termination is "we are going in a different direction"

A package is offered, with 6 months pay- and you have a week to sign the agreement not to sue- or the 6 month pay is off the table.

It's not lump sum- you just stay on the payroll for 6 months.

[Old School 360]

Publicly traded ? Let us know so we can short the stock.

Private- run by a tyrant- at least until bankruptcy

[Bert 1,091]

They fire so many salaried people that it is redicilous.

Sept 2015- Moody's noted "CFO resignation re-ignites senior management stability concerns"

 

For peons like me- the reason for termination is "we are going in a different direction"

A package is offered, with 6 months pay- and you have a week to sign the agreement not to sue- or the 6 month pay is off the table.

It's not lump sum- you just stay on the payroll for 6 months.

That sux. Good luck.

[Old School 360]

Eliminate your withholding until you know they can fix things.

This is probably the correct answer

[fandandy 3,311]

Gibson?

[Old School 360]

 

I know good lawyers

Wonder if there is any money in the whistle blowing biz?

[SUXBNME 1,335]

They fire so many salaried people that it is redicilous.

Sept 2015- Moody's noted "CFO resignation re-ignites senior management stability concerns"

 

For peons like me- the reason for termination is "we are going in a different direction"

A package is offered, with 6 months pay- and you have a week to sign the agreement not to sue- or the 6 month pay is off the table.

It's not lump sum- you just stay on the payroll for 6 months.

 

Guess we know who you work for, now.

.

[SUXBNME 1,335]

Gibson?

Brands?

[Old School 360]

?

Maybe....

[Mookz 1,287]

[fandandy 3,311]

Shocked they are doing so bad. Seems like they would make a fortune selling those things. The mark up has to be insane, no?

 

What kind of employee discount do you get?

[DankNuggs 305]

I emailed Fidelity- they called me and seemed shocked.

They referred me to our HR department- which consists of mean vindictive wrenches.

Seriously- it's 50/50 that I get fired for even questioning this one.

Mean or not you deserve straightforward answers. You are an employee, not a bank.

[Alias Detective 1,179]

You get a slice?

[the s is ilent 69]

You'll get pennies on the dollar.

[edjr 5,566]

You get a slice?

 

Hell no. But our labor lawyer partner is a bulldog

[penultimatestraw 473]

Wonder if there is any money in the whistle blowing biz?

There is, some % of the penalties levied on the company. I've been trying to figure out a way to do so in my hospital for a while - too much shady BS.

[Patriotsfatboy1 1,432]

Glassdoor has some great reviews.

[mighty_thor 115]

If they do go bankrupt, then that 401 k money will be the first thing paid back out of the sale of all their assets. All the creditors will be in line after the employee 401 k money is paid back.

[Old School 360]

If they do go bankrupt, then that 401 k money will be the first thing paid back out of the sale of all their assets. All the creditors will be in line after the employee 401 k money is paid back.

I dont think this is true- I believe there is little chance of getting this money once bankruptcy is declared

[Old School 360]

Glassdoor has some great reviews.

The only positive reviews are from current employees- ordered to make up Sh!t to combat all the true reviews

 

There are some great ones. Its great reading.