Posted by ScottyHOMEy on January 18, 2010 at 07:59:10 from (64.222.222.251):
In Reply to: FORCED 401 K posted by LOU from Wi. on January 18, 2010 at 07:09:28:
You, your daughter or SiL might want to take a little closer look at what's actually going on.
No one can require you to invest your own money in anything like a 401k.
Some companies (generous ones, actually) will contribute something small (1% of base pay or somthing similar) to one whether you choose to add to it or not. In that case, they might require you to fill out a form selecting how they should invest it, or to waive and let them invest it as they see fit. But, in that instance, yes, there will be a 401k, but there's none of the employee's money in it. If that's the case, I wouldn't fight it. They're not going to increase the wage by the amount that they would put into the 401k. It's hard to argue against retirement savings, and why would you turn down free money? There's typically a vesting period that would require something like five years for your daughter to ulitimaely be entitled to be able to ultimattelly draw on the plan. In those cases, if she leaves sooner, their contibutions vanish as if they were never there.
Plans like that are usually pretty generous, in that, if your daughter should decide at some point to contribute to it, the cmoppany will match her contribution.
So no, they can't force her to contribute, but it might be part of their benefit package that they contribute in a small way to one whether she does or not. Like I say, if that's the case, it's free money. Fill out their form and take it!
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