Always keep track of your company benefits

Last May I was fired. I signed an agreement that directed most of my severance pay into my 401K account. I didn’t want to even think about the company for a while, so I didn’t check my account for six months. When I did, not only wasn’t the amount correct, but the statement history showed an erratic pattern of depositing contributions that did not match the payroll deductions on my paychecks.

In November I called someone I knew in the business office to check on it for me.
In December I sent a written description of the discrepancy to the business office.
In January I tried to get in touch with the CFO, but he had just been fired.
In February I realized I wasn’t getting anywhere, but assumed it was due to disorganization in the company.
In March I put together all my documentation showing that my paycheck contributions did not equal the deposits made to the 401K and sent it via FedEx to the new CFO.
In April he did not return my emails or take my phone calls. The one time I spoke with him, he said they were looking into it, and believed the money had been deposited.
In May, something finally clicked in me, and I realized they were not going to correct the problem.

I emailed the 401K plan administrator about my situation, and he intervened immediately. What the company had done was completely illegal and had legal, accounting and IRS ramifications. They quickly opened an account in my name and put in most, but not all, of the money. I’m confident the 401K plan administrator will resolve the issue in my favor.

When I realized the company had never intended to make good, I got angrier than I had been when I thought it was just their inefficiency and ineptitude. I know mine was not an isolated incident, although more extreme than some. I encourage everyone to keep track of all their benefits on a regular basis, and if there is a discrepancy, don’t hesitate to go beyond the company to the bank/insurance company/401K plan. Be aware!