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Suspect errors with your 401(k)? Follow these steps.

Here are some steps you can take.

  • Steps you can take

Steps you can take

Is something fishy with your 401(k)? Maybe you fear that your regular contributions are not being made, or they always seem to be made late. Problems can range from simple clerical mistakes to gross mismanagement. If you notice an error or have a question about your 401(k) statement, contact your HR rep or plan provider. If you suspect that your company 401(k) plan is being mismanaged or misused in any way, contact the Department of Labor’s Employee Benefits Security Administration (EBSA) by calling toll-free 1-866-444-3272 or online at their website.

Here are areas where problems can arise:

Missing or late contributions.

Check your statements to be sure that your contributions are being made in a timely and regular manner. By law, employers generally must deposit your 401(k) contribution in your account within 15 business days after the end of the month in which they withhold your contribution. For companies with fewer than 100 participants, the deadline is within seven business days. The contribution amounts should match the amounts deducted from your paychecks.

Incorrect investments.

Make sure that your contributions are going into the mutual funds that you selected, and in the correct percentages. If you change your investments, the change should be reflected on your statement.

Changing investment menus.

Have the investment options (mutual funds) for the plan changed without your notification?

Fund management changes.

Beware if your 401(k) plan managers — such as the plan administrator, trustee or recordkeeper — change more than once every two years.

Missing statements. 

You should receive 401(k) statements at least quarterly, according to federal law.

Our goal is to change how we think about saving.

I founded NARPP as a non-profit, because I believe that retirement savings should be about people— and making their lives better. Not about assets under management, sales goals and commissions. The process of saving for retirement has become so complex and confusing it is not surprising that people have a hard time figuring out what’s in their best interest.  It doesn’t need to be this way. At NARPP we are committed to simplifying the complex, delivering fair and transparent investment information, and giving people ownership and control of their retirement savings. Our singular mission is to help you succeed.

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