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I used to work in HR. It’s 1 year to your anniversary to allow enrollment (your company chose this one - you can enroll whenever you want at some places); then you are enrolled at the next quarter beginning as it runs off fiscal protocol of the fund. It’s related to fund record keeping and reporting with the FDIC.
The situation is part of large contracts that companies make with the fund. It’s to keep clear data and analytics of how funds do quarter to quarter without the entrant of random funds that aren’t locked and planned in forecasting at the quarter start.
Now the fun part is that cheaply managed or low impact funds have these rules. High value funds will make due and let people begin contributing whenever. The sign of a health of a company is in the fine print of the benefits.
Thank the mother stock market before getting mad at your corporate peers!
It’s 3 months. Get over it.
Sometimes it’s what you need to hear.
Its 1 year to be considered. It means exactly what it says, you’re eligible. That doesn’t mean its instant.
You can enroll only at certain times of the year. Like health insurance.
Edit: AKA what the person above me said but I missed
It’s unfortunate and you’re not gonna change the system so I would suggest that you bank the money that you would’ve put away so that you can put it in as a polis when your savings start. One thing you might wanna look into is even though you were starting at the quarter mark can you do your full maximum contributions during the remaining portion of the year and appreciate the company‘s match to those contributions?
If so then none of this really matters
Can you bring up the issue to HR? It seems very unfair that your offer letter would be wrong, especially if the company hasn't changed policies since you joined.
You have it in writing; bring it to HR.
Yeah, if you've got it in writing, I'd march that right over to HR. That's ridiculous and if it was an error, they should honor it.
@all above, already brought to our HR who showed me they fixed the error for new people and were sorry for the error but they couldn’t fix it ????? 🤔
What the heck. I have never heard of such a thing. I am so sorry
The one that has the last word might be the managing director or president. HR will not fight for something like this.
I would bring it up to HR. But if there's a statement in your contract stating the agreements can be changed at any time, there may not be much you can change at all.