to make automatic deductions from your check for 401k? I just noticed that my employer is taking out 2% of my income and putting it into a 401k which I never authorized. I do get paperwork from them from time to time but am not interested in enrolling in any program as I live from check to check and cannot afford insurance or retirement accounts. I get paid electronically so I hadn't really looked at my check before recently. They have taken 60 dollars out in the past 3 months. I called to cancel to day and they said they could cancel it but couldn't refund my money until I retire or quit my job, which I don't plan to do. I really need that money for my childs school supplies as I am in a financial disaster not even having enough food and having to scramble for bus money. It there any way I can get them to give me my money back now or have they stolen it? As far as I am concerned, if I can't have it now, they are stealing it.
2007-08-03 07:43:34 · 3 answers · asked by stillnotsure 1 in Business & Finance ➔ Personal Finance
If you did not authorize it in writing, they should refund the money immediately.
If you tell me which state you live in I'll find the number where you can complain.
By law you can get the money out and if they try to stop you they will be in trouble.
Keep in mind there are employers who will fire you if you complain. Its not legal if they do it, but many still do.
You can also go directly to the company which is holding the investments and tell them you never signed up for it and want it refunded without it becoming a taxable event.
2007-08-03 08:00:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
when i started my job - in my employee packet it said i would automatically be set up for 10% and if i didn't want it to call or fill out form and send it to them. i went to the website to try to disinroll but all i could do is drop it down to 1%. which isn't much. and i have like $35.00 and the company matches a portion. so i thought i would just leave it alone.
you need to call them and ask them these questions. to see if you can get your money back. but i think there are stipulations.
2007-08-03 07:54:48 · answer #2 · answered by Cornell is Hot! 4 · 0⤊ 0⤋
They haven't stolen it - it's still in your name.
Are you sure there wasn't something in the paperwork when you started saying that they would put 2% of your pay into a 401K unless you specified otherwise?
2007-08-03 07:49:50 · answer #3 · answered by Judy 7 · 0⤊ 0⤋