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.