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There's a lot of interest in this message board and I will admit I didn't look at every message to see if this has come up: (please bear with me..)
My wife's last paycheck indicated that the planned annual savings amount had been deducted from her pay. The statement for the year that the investment company sent indicates less. Uh-oh.
My initial inquiry with the investment company gave me a list of the dates and amounts invested, which agrees with the statements received. The person at the investment co. called the employer for me but the individual there never called her back.
My wife calls her employer (yeah, we "shoulda done this" first, maybe) and the person there says she needs to check with their "common remitter" (?????)
Here is what seems to be happening: The employer seems to be sending one big check to a brokerage company which then sends out checks to at least two other investment "options" (VALIC and Equitable). It also looks like some controls are not in place and somebody is lying to us.
If I could condense one comprehensive question it would be something like: What are the regulations here as far as handling this money is concerned and who do I come down on real hard and with what regulatory agency?

Any input is appreciated--

Fool on,
Ken
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Here is what seems to be happening: The employer seems to be sending one big check to a brokerage company which
then sends out checks to at least two other investment "options" (VALIC and Equitable). It also looks like some
controls are not in place and somebody is lying to us.
If I could condense one comprehensive question it would be something like: What are the regulations here as far as
handling this money is concerned and who do I come down on real hard and with what regulatory agency?


I think a company has 30 days to send in contributions. The problem might be that the last 1998 (could be the whole month) contribution is included in 1999 (since it was received in 1999) and the Dec 1999 contribution is not recorded on your statement. This would be normal.

I would write a letter to the payroll department. A letter is better than a phone call. Be professional. The people you will be dealing with probably do not set the policies and can only tell you what is going on.

Also ask a few fellow employees. Someone might already know the answer.


I think the Federal Department of Labor handles 401k's.
Check their WEB site.

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Here is what seems to be happening: The employer seems to be sending one big check to a brokerage company which then sends out checks to at least two other investment "options" (VALIC and Equitable). It also looks like some controls are not in place and somebody is lying to us.

Very complex situation and I dare say you will have to lean on more than one to figure it all out. I can say from personal experience (my own 403b and an IRA that my wife inherited that was with them), whenever I see "VALIC" I see R-E-D!

Best of luck.

Persevere
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