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Okay, who did this... 😂
Anonymous User
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Decided to payoff my mortgage.
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You may want to reach out to the 401k administrator to see if there's any recharacterizarion or reclassification they can do
Also generally speaking, I'd defer to the 401k administrator versus my company HR team to know and advise on the ins and outs of the 401k plan terms specific to my company
Subject Expert
Match is entirely dictated by your company. Undoing 401k contributions is a tax event, which can’t be done in normal situations, and is unlikely to be path you want to take.
You best chance is likely to escalate what you were told onboarding. If you can remember names of people who told you this, that will be helpful. (Of course you want to be sure you remember correctly what was said)
If they referred you to documentation, which you didn’t read carefully enough, then unfortunately it may be your mistake.
You also should calculate the match you would be eligible for if had you contributed later in the year. Account for any vesting period where you might not be eligible for any match
You should push them to pay you any amount you missed out due to contributing too early due to bad advice.
But do not push hard for something said in conversation that you (or any employee) never would have been eligible for match for because of their vesting rules
My company has a true up and they pay it out in Jan of the next year, but it counts towards the previous year’s contribution. I feel like you already put in the work and they can’t undo a benefit for the previous year? That’s crazy
Mentor
Do you have that in writing?
I’d also do the math for a true up, co worker had this at his last job, made a big stink over about $150
Make sure it’s worth it.