stealing OUR 401 K from employees?
I live in western colorado, my employer has not been depositing our (65 ) employees 401k funds into our Oppenheimer retirement account . The past 18 months our employer has used our money for their own use ?? There has been a couple employees who asked the owners about the money and the employee was told ,you have a job dont you . I need to know our legal rights regarding this matter , also we need to know why Oppenheimer did not alert us ????? are they too responcable ? this cant be legal some how we should be protected from our 401 K moneys being stolen !!! Our employeer never told us or asked to borrow our money . Is this just another example of ,if you wear a White shirt & tie you can do what you want ? If you look at the current CANCER of the financial institutions you see that we the Blue collar - middle class are being BULLIED . Please help or let me know where we can go for help ... Thanks
Asked By: jeffrey - 1/27/2011
Best Answer - Chosen by Asker
Funds withheld from pay by contract are legally required to be contributed as the contract indicates within a narrowly defined window of time, which has elapsed (grossly) in this case. Your employer is clearly in the wrong and has broken the law. They will be punished by the legal system. Contact the district... More
Answered By: Banker - 1/27/2011
Additional Answers (2)
If your contributions are not being deposited with the custodian within 15 business days after the month in which they were withheld, that is a violation of federal law. If this refers to employer matching funds, that's another matter... More
Answered By: jlf - 1/27/2011
Don't be generalizing....lots of us small business owners make less than our employees after paying business taxes, insurance and so on. Your boss happens to sound like a crook... More
Answered By: Jeanbug - 1/27/2011
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