Employer Non-Funded and Underfunded 401K Pension Contributions – A Disaster in the Making
Private employers who sponsor 401K plans for their businesses and employees as profit sharing plans are required to make annual monetary contributions to employees who meet the qualifications of employee participation vesting schedules and number of hours worked annually (over 1,000 per year).
Unfortunately, there have been horror stories of business owner employers generously funding their own personal 401K profit sharing accounts without making the required contributions to the accounts of their employees, in clear violation of the federal requirements of ERISA (Employee Retirement Income Security Act). Have you been shortchanged by your employer?
We offer a free initial consultation to employees of companies who have been shortchanged by their employers’ failure to make required annual payments and contributions to their company 401K profit sharing plans. For an appointment, contact the Law Offices of Timothy J. O’Connor at tjo@tjolaw.com, star@tjolaw.com, or 518-426-7700.
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