Tijuana

I contacted my employer by email on June 1st regarding the money taken out of my check for the 401k loan that had not been paid at all and the 401k retirement deductions that had not been received by Transamerica in years demanding that they stop taking money out of my check. My employer said the funds had been deferred because of the bankruptcy which ended March 15th. 401k deductions were deposited on June 6 to Transamerica as well as the money taken out of my check for the loan a week after I notified my employer and they are still 1 payroll check behind. f I already claimed the 401k loan as income on my 2017 taxes, shouldnt that money have been sent to me and not Transmaerica? I meet with my employer next week and he has said nothing to me so far except for the money was deferred. I truly believe if I had not said anything to him about this that he would not have said anything to me.

Thank you for the info Bird. Transamerica just confirmed that there is no TPA. The lady also said that 1 payment of $14.55 was paid in Feb 2018 and sent me a statement by email. $29.76 is being taken out of my check weekly so this 1 payment is nauseating. I requested a meeting with my employer today; still waiting on a response. I will keep you all updated on my progress as you all have been the only light to shed on the situation. Thanks!

There is no TPA. The last payment transamerica received was $14.55 received Feb 2018.

Transamerica stated that they are only responsible for administrative duties. This lady claimed that once a loan goes into default, they can not see any additional info on the file except when I took my loan out.

Transamerica said that no payment had been made on the loan and I should contact my plan administrator. I have not spoken to my employer yet because I want to make sure that I have all my paperwork together. My coworker told me today that the President is the plan administrator. My coworker also said that I should review all my statements regarding the deposits made into my 401K retirement plan because he found a $300 shortfall between now and 2013 and there is no company match. Now I have to check those figures as well and find out how much was actually paid into my 401K each year to see if this is happening to me as well. My coworker has been at this for 8 months and DOL is definitely dragging their feet sending letters back and forth requesting info from the employer. Another coworker said today that he noticed our employer was not paying into the 401K so he stopped his 401K five years ago. He didn't confront the issue. Im not letting this ride. Its bad enough we dont always get paid on time.

In response to Bird, the company has just came out if bankruptcy a month ago and there are 15 dedicated employees left. Im going 2 pull both end of the year statements from 2016 and 2017 as well as contact Transamerica today. There is no loan history except for them giving me the check for the money. In response to ESOP guy, I spoke to my co-worker who also took out a 401K loan for college in 2014. Payments were made on his behalf for a year and then at the beginning of 2016, he received a 1099-R. He questioned it and has been given the runaround ever since. He reported it to Dept of Labor and they are still working on it. Our employer has not gotten to him on the issue.

I took out a 401K loan in July 2016 for $3,800 to pay my past due mortgage since my employer was having trouble paying payroll. I agreed in writing to have the money deducted from my payroll for 4 years. I received a 1099-R from Transamerica this year for 2017. I questioned Transamerica and they told me that I received the 1099-R because my employer had defaulted on loan. My employer has been taking money out of my check every week for 401K loan pay $19.92 as well as my 401K $29.76 that Im paying into for my retirement. My employer has not paid anything on my 401K loan. I feel that my employer owes me $19.92 for every check since Aug 2016 and they are still taking money out. The only difference is that I have not received an ADP payroll check in a couple months, just a paper check with no additional information. I have asked and I am still waiting on an answer. I have all my checks. What are your thoughts.