QUESTION
My company takes money from my hourly wages and puts into a SEP IRA manager told me can hold that money for 12 months before putting into my IRA
Asked on Nov 18th, 2011 on Labor and Employment - Maryland
More details to this question:
The amount they keep is not listed on my pay stub or on my w-2 form I have no way to know how much they are holding nor am i able to track how much they should be taking or if they are taking to much. Can they really do this and who gets the interest on my money when they are holding it cause it''s money I have already worked for and earned.
1 ANSWER
Labor and Employment Attorney serving Atlanta, GA
2 Awards
They may not take money from your paycheck and use it for themselves. They are required to use the money for the exclusive benefit of the beneficiary, assuming that this is an ERISA plan (and in all likelihood it is). "Holding" the cash for 12 months may well be a violation of ERISA. You should look for an employment lawyer in Maryland who handles plaintiffs' cases in ERISA matters. Call the Maryland State Bar lawyer referral service.
Michael Caldwell/
Answered on Nov 20th, 2011 at 1:24 PM