Prev: Can I borrow from myself? Taking a loan.
What happens if there is an error on my statement?
Always check your 401(k) statement. Mistakes do happen, and the earlier you catch them, the better.
- 401(k) plan
401(k) plan
If you believe an error has been made on your statement, contact your HR department or your company’s 401(k) plan provider as soon as possible. The mistake could have been made internally at your company or by an outside vendor such as your plan provider. Start with your employer, and if you don’t get satisfactory answers, go to the plan provider.
Here is a quick checklist of items you should check regularly on your 401(k) statements:
- Contributions: Make sure that your money has been deposited. This is often referred to as “salary deferral.”
- Matching contributions: If your employer matches your contributions, make sure you are receiving the correct percentage match.
- Vesting: Check that your vesting percentage is correct. This is determined by your date of hire, so make sure the date is right.
- Investment selections: Make sure that your contributions are going into the mutual funds that you selected, and in the correct percentages. If you change your investments, check that the change has been made on your statement.
- Basic personal information: Do your name and address appear correctly? Also check your account number or social security number; if these are wrong, your contributions may be reported incorrectly with the IRS.
- Fees and costs: Be aware of the fees being deducted from your 401(k) account. These should be clearly indicated on your quarterly statements. If you are unsure about the fees you are paying, ask your plan provider.
If you believe an error has been made on your statement, contact your HR department or your company’s 401(k) plan provider as soon as possible. The mistake could have been made internally at your company or by an outside vendor such as your plan provider. Start with your employer, and if you don’t get satisfactory answers, go to the plan provider.
Here is a quick checklist of items you should check regularly on your 401(k) statements:
- Contributions: Make sure that your money has been deposited. This is often referred to as “salary deferral.”
- Matching contributions: If your employer matches your contributions, make sure you are receiving the correct percentage match.
- Vesting: Check that your vesting percentage is correct. This is determined by your date of hire, so make sure the date is right.
- Investment selections: Make sure that your contributions are going into the mutual funds that you selected, and in the correct percentages. If you change your investments, check that the change has been made on your statement.
- Basic personal information: Do your name and address appear correctly? Also check your account number or social security number; if these are wrong, your contributions may be reported incorrectly with the IRS.
- Fees and costs: Be aware of the fees being deducted from your 401(k) account. These should be clearly indicated on your quarterly statements. If you are unsure about the fees you are paying, ask your plan provider.
A new kind of retirement savings benefit.
Icon works like a 401k plan but without the cost, complexity, and administrative burden. We’ve unified workplace savings, personal retirement, and portfolio management into a single solution.
Learn More-
Radically less expensive
Employers pay a small one-time set up fee, and no ongoing plan administration fees.
-
We do all the work
It takes minutes to set up, no plan design required, no federal filing requirements.
-
Investor focused
Our portfolios are built with low-cost funds from leading asset managers. Icon acts as a fiduciary to our clients.
Related:
Suspect errors with your 401(k)? Follow these steps.
Can I borrow from myself? Taking a loan.
