The Motley Fool Discussion Boards

Previous Page

Financial Planning / Foolish 401(k)s

URL:  https://boards.fool.com/401k-inscription-wait-18772131.aspx

Subject:  401K Inscription Wait? Date:  3/20/2003  11:48 AM
Author:  baccigator Number:  16001 of 26385

Hey folks,

Wondering if anyone can shed some light on a confusing situation.
When hired 7 months ago, my empolyers told me I'd be eligible for the 401K plan after 6 months. After review, the story changed. Now they're saying it's a year before I'm eligible, PLUS I need to wait until I one of their two-per-year designated inscription days comes up.

Because of the begin date of my employment, that would add another 5 and a half months.

Is it usual for 401K plans to have such limited opportunities for companies to bring in eligible employees?

For the record, they are telling me "We're not a big enough company to be able to inscribe people whenever we want." The company is around 40 employees. (I know this size excuse to be BullPoo, since my father runs a company with eight employees, and his 401K plan lets him add anyone at any time after they are eligible.)

All the same, is it possible and common to have a plan with limited sign-up dates?

They won't give me any written information on the 401K plan explaining any of this, which makes me a little suspicious.
Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us