Tracking your retirement contributions
It's rare, but occasionally the
government discovers employers who are abusing employee contributions
by either using the money for corporate purposes or holding on to
the money too long. Here are 10 warning signs that your pension
contributions are being misused.
1. Your 401(k) or individual
account statement is consistently late or comes at irregular intervals.
2. Your account balance
does not appear to be accurate.
3. Your employer failed
to transmit your contribution to the plan on a timely basis.
4. A significant drop
in account balance that cannot be explained by normal market ups
5. 401(k) or individual
account statement shows your contribution from your paycheck was
6. Investments listed
on your statement are not what you authorized.
7. Former employees are having trouble getting
their benefits paid on time or in the correct amounts.
8. Unusual transactions, such as a loan to
the employer, a corporate officer or one of the plan trustees.
9. Frequent and unexplained changes in investment
managers or consultants.
10. Your employer has experienced severe
-- Posted: May 20, 2004