New Jersey residents know that their 401k plans will help them live comfortably after they retire. They pay into their plans every year to make sure that when they retire, they have the money that they need to continue to live comfortably. They have every right to assume that the money that they put into their 401(k)s and any matches that they’ve been assured will be accurately reflected in their final statements. Sometimes that is in the case. There have been cases, however, where companies have illegally used employees’ 401(k) plans to fund company initiatives or to cover company costs.
There are several warning signs that you can look out for if you’re concerned that your 401(k) contributions may be being illegally accessed or used.
The importance of accessibility to your records
If you notice that your 401(k) statements arrive at random intervals instead of on a consistent basis, it may be being accessed or used illegally. If you know what your 401(k) balance should be but your actual balance does not reflect that amount, it could indicate that someone is accessing your funds. Another way that you may assume that your 401(k) funds are being accessed is if your employer does not transmit your contribution to your fund in a timely manner. Since 401K balances are tied to the market, this could cost you a lot of money.
Another sign that your 401(k) may be being illegally accessed is if you notice that contributions that should have been made to your 401(k) were not actually made. If you’re someone who takes careful note of each investment made in your 401(k), you may realize that there are certain investments there that were not what you authorized.
People who are dealing with issues with their 401K accounts may benefit by working with lawyers who have ERISA experience. This may help them get on the road to recovering any losses.