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https://boards.fool.com/401k-inscription-wait-18772131.aspx
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| Subject: 401K Inscription Wait? | Date: 3/20/2003 11:48 AM | |
| Author: baccigator | Number: 16001 of 26385 | |
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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. |
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