Unfortunately I'm not well versed in 401ks and regulatory policies, however my employer is supposed to make an end of year match of 1.5%. After not seeing it this month I checked with payroll and they stated:
"You won’t see that until a later date. For 2017’s match, you should see it in your account by March. You’ll receive a notice ahead of time from *COMPANY NAME* advising of the exact date of the match and how much it will be."
Now our posted benefit notice is -
Company Match
*Company Name* will match up to 3% on the first 6% you contribute to the plan (on a pre-tax or Roth basis). The first 1.5% will be reflected on your bi-weekly paystub. The additional 1.5% is contributed for eligible employees* by the company following the close of the plan year.
You are always 100% vested in any contributions you make, and any company match that is contributed on your behalf.
You are always 100% vested in any contributions you make, and any company match that is contributed on your behalf.
*Regular salaried employees who are active as of December 31 of the plan year.
(Yes, the line is posted twice...)
However, I read that as the end of the 401k plan year is December 31st... So I'm basically losing out on 3-4 months of interest for a benefit that I earned last year.
Is this normal? Legal? Ethical?
