I have a questions regarding matching of 401k. I work for a hospital that was managed by one company until August 31 of last year. That company had a policy that they would only match the 401K one time a year in March the following year, but only if you were employed by that company on Dec 31. I am still employed at the hospital, but they are now managed by another company. Is it legal for the first company to hold the matching, just because their contract ran out and the owner of the hospital found another managing company?

Hello e:

It's not so simple. It really depends on HOW the new company assumed management, and the details of their agreement.

If the hospital let them write a contract that said they could repudiate the previous holders agreements with their employees, then you've got a beef with the hospital.

If, however, the new holder IS required to adhere to the previous promises, then you've got a beef with them.

I'd do some more investigating.

excon

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Originally Posted by endorn

I have a questions regarding matching of 401k. I work for a hospital that was managed by one company until August 31 of last year. That company had a policy that they would only match the 401K one time a year in March the following year, but only if you were employed by that company on Dec 31. I am still employed at the hospital, but they are now managed by another company. Is it legal for the first company to hold the matching, just because their contract ran out and the owner of the hospital found another managing company?

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The new company has their own 401K which they match with every paycheck.

Quote:

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Originally Posted by endorn

The new company has their own 401K which they match with every paycheck.

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Hello again, e:

Ok...

That doesn't tell me anything. If you think you're being cheated, find out WHO is doing the cheating and go after 'em! If it's too much trouble, then move on.

excon