Missed 401k Enrollment and Match
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Our company failed to enroll a particpant when eligible for the 401k plan and they also missed the matching contribution which was outlined as a benefit in the employment contract. The employee is mad and wants to be made whole for the match. What can we do as an employer to help make this employee happy.
Comments
It has been over 6 months and the employee wants to be compensated for the match + earnings. Do we do this through a salary adjustment or wait until they can enroll again in July and go back with the matching contributions? Not quite sure how to make them whole again.
I'm surprised the company that handles the 401K won't work with you on retro activating the employees account.
Maureen Pinnick
Manager of Employee Resources
Franklin College
Hello,
This post is old but I just did the same thing and missed a contribution by one pay period. It was my understanding that this is a fiduciary violation but I am having trouble finding where the law states this. Could you provide a link or the reference number so I can read it myself?
Thanks,
Heather