Join the 9 million people who found a smarter way to get Expert help

Recent 401K questions

RE: Possible Breach of Fiduciary Responsibility. The plan

RE: Possible Breach of Fiduciary Responsibility. The plan administrator for my 401K is also the general partner of the law firm I work for. On 10/15/2015 I requested a 401K loan. Loan was approved with the following terms: Principal Amount: $26,131.00; Effective Date: 10/19/2015; Maturity Date: 10/19/2020. On 9/1/2016, I was informed that the firm I work for is closing its doors. January 1, 2016, the law firm I work for will no longer exist. My question is, didn't the plan administrator, who is also the general partner of my firm, have some sort of fiduciary responsibility to me to not approve that loan? Like I thought there was this loyalty thing. This loan isn't even a year old yet. I believe he had a duty to me to protect me first, If he knows material facts affecting the interests of me, which he knows I do not know, doesn't he have a duty to me to either tell me before I make a decision to get a loan that large for a term that long knowing what the consequences are, or if he didn't want to tell me at least not approve it for that much money and that long a term? Please help me. I asked one of the other partners and at first he said he knew I had a loan and he would find the answer for me. The next time I talked to him he didn't have my answer and now he said he knew nothing about it. I was on vacation when all this went down. Nobody has talked to me other than the one partner who says he does not know. I'm not going to ask the general partner if I don't know the answer and his other partner says he doesn't know. Plus, these are estate and probate lawyers, come on...really, like they don't know. It is a small firm - only 3 partners. They don't pay overtime either so, if they break that law I don't trust that they will make this right. I don't know what to say when I do get in the room with him. Thank you in advance for your help.

Read more

37,966 satisfied customers
I live in North Carolina, and my employer just underwent a

I live in North Carolina, and my employer just underwent a reorganization. Now the team I work with (and there is 16 people) is being told from some consultants that by this Thursday we must triple our production. We are being told if this does not happen, then everyone will go on verbal warning, written warning etc. This is insurance transactions in which the tax reporting must be accurate, etc. A lot of transactions are scrutinized for accuracy. My personal situation is not as overwhelming as that of my younger colleagues, I have an old pension, and I saved in the 401K. I could retire, but I don't really want to. One lady I work with in her 40's is saying this production requirement is illegal, I say it is not illegal, just unethical. She states she will just sue this employer for ????, I ask her what grounds she has for suing, and she just says I am being targeted. She also states this is just harassment from the employer, and the procedures they have are not in place (I agree with the procedures point she makes) I say this is not enough for a lawsuit, even if we all lose our jobs. She is copying all e-mails, and writing everything down. Am I right that even if we all got fired, there would be not much in the way of legal remedies for anyone?

Read more

Allen M., Esq.

JAG officer and former adjunct prof.

Juris Doctor, Cum Laude

18,080 satisfied customers
I'm 57 yrs old & have worked for Wells Fargo Home Mortgage

I'm 57 yrs old & have worked for Wells Fargo Home Mortgage for 26 yrs, part-time evenings. I work 3 evenings, a total of 21 hrs/week. I have full benefits (i.e. 401k match, vacation, profit share, full medical). Along with my base salary, I receive 15% shift differential. I am also eligible for severance pay, which is capped at 25 yrs of service at 16 mths. Approx mid-July, we were informed that the dept will no longer exist, therefore, we are being transitioned into a 40 hr week, Mon-Fri. The position is considered lateral, but is an entry-level data entry position. We currently are titled as Loan Originators & duties included processing, closing, & underwriting duties. We also assisted with borrower's questions and/or concerns regarding their loan process. Shouldn't they have offered us a choice between displacement with severance and continued employment, since the work schedule & position are totally different?JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: Minnesota.JA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: Of the 8 people affected by this, 3 are 55+ & have 25+ yrs service.

Read more

Marsha411JD

Doctoral Degree

18,954 satisfied customers
I resigned from my previous employer on July 1, 2016. After

I resigned from my previous employer on July 1, 2016. After I quit, they apparently did not submit my termination to the payroll department and I continued to receive two extra direct deposits as an active employee. I called on August 8 and spoke with a lady who handles the termination paperwork to my 401k company, asking her when my termination paperwork would be turned in. She advised me that my final paycheck would be in two days on August 10th, so I assumed they still owed me money. I was a salaried employee. Now, they are demanding the money back in full. Am I required to pay them back? If so, can they refuse small monthly payments? I reside in the state of Pennsylvania.

Read more

John

Attorney

Doctoral Degree

7,558 satisfied customers
On July 15th I worked my last day at my former employer and

On July 15th I worked my last day at my former employer and received what I was expecting to be my last paycheck on the 20th. At that time I had accrued 2 weeks vacation time and was assuming that I had lost until August 5th when I looked at my bank account and saw that I got paid. Unfortunately two weeks go by and the Director of operations calls me and tells me that they forgot to take me off the payroll and I will need to pay the money back. I explained that the money was already spent and I would not be able to immediately pay them back and I don't hear anything until 5 days later when the owner of the company calls demanding repayment stating that I would be sorry if I don't pay them and burn a bridge with them. Then come to find out she had been calling up to my current job asking for me and keeps calling me asking about when I will be paying them back. I explained to her that I have every intention to make things right but can't do it right away. They are now holding my 401k until they are paid back.

Read more

Marsha411JD

Doctoral Degree

18,954 satisfied customers
If Union takes dues plus working dues and it's members that

If Union takes dues plus working dues and it's members that they do not receive a pension or have rights to a pension, they only receive rep representation. Is this true and nothing in the by law's about it. It was just that their members for that site, they're represents voted to discontinued it with the employer with a old contract, but when paying dues, to a local union give in they dues some sort of pension in they dues plus they also take it out in working dues? Also if you're layoff they're not going to help you seek another job, doesn't seem to have any rights as a member of this union, because I have been told it's to keep employees inline. Which this union has a contact with a contractor that's managed it's site of a customer and plus it's other employees which really works directly for them. It's seems that we all are being taken advantage of being in a union, without being able to be represented fairly. I believe we need outside help , that should look into this matter, because it a lot of money being taken from it members and a advantage for an employer, which is outsourcing it's site, to another company, but receiving all the befits of control of a union. They're employees which they have from the union also, they're working directly for there company. Shouldn't we have some benefit of this union in some form of a pension? It's noticeable a difference that a union would sell this in a contract to do away with a pension for the employer and still take working dues?

Read more

Infolawyer

Attorney

Juris Doctor.

37,622 satisfied customers
Urgent help. Recently I have signed an agreement with a

Good afternoon Sir/Mam,Urgent help. Recently I have signed an agreement with a consultant company with the terms and conditions mentioned below. Currently, I am placed with a client but I have not started working for them yet. Meanwhile I found myself a client that wants me to work as a full-time employee because I have GC. So I am afraid that the consultant can sue me and drag me to the court and if I am found guilty then I will have bad records. I want to make sure that is this agreement valid for them to sue me? Do my records get bad if I am found guilty?This is the terms and conditions of the agreement:Candidate shall undergo the Orientation as referenced in Paragraph 1 for such period as may be determined by XXX at XXX sole discretion, provided that such period shall not exceed four (4) months (the "Orientation Period"). =At XXX's discretion, If the Candidate breaches the terms and conditions of this contract, leaves prior to completing 2080 billable hours of employment for XXX and/or fails to attend an interview or be present in the office during the regular operating hours the Candidate will be liable to pay XXX liquidated damages of $10,000. The Candidate will be paid an annual salary of $60,000 after he/she is placed with a client and begins working at a client's location. During this period, they will be a full time employee of XXX and will receive health benefits ,401K and any other benefits as per the Employment Agreement.

Read more

Asad Rahman

Attorney

J.D.

3,166 satisfied customers
I am a US citizen living and working (in Houston, Texas)

I am a US citizen living and working (in Houston, Texas) for a multinational publicly traded company. When they bought my UK employer I was under an employment contract. Then I became a employee of the multinational (I have an employee number). However, they have not paid me my benefits such as 401K, medical insurance etc. I have been persuing this with the UK and US HR people for a year. I keep getting the runaround. What is my recourse? Thanking you in advance, Vivian Fulks

Read more

Dwayne B.

Juris Doctor

35,762 satisfied customers
My wife has worked current company years. A private jr.

My wife has worked for her current company for 22 years. A private jr. college. Last week, her manager informed her that due to the census at the school she was being demoted from 36 to 24 hours her week. She would lose her benefits including vacation, sick time and 401K contributions. At the same time, her company moved an employee from part time to full time, in the same week.Her boss had called her into her office about 6 months ago and told her that the company could not afford her and another co-worker. That unless one of them quit, one of them would be let go. The other employee quit the next day.The duties will not change. She is now expected to get her same duties done in the fewer hours. Overtime is not allowed.My wife has never been late to work, has never taken a sick day in 22 years and has done the duties of both her school and the duties she was asked to take on my at the corporate offices.One final thing. Her boss was unhappy with the duties the corporation was asking my wife to do. She demanded that my wife tell the corporation she had to step down which she did. Then, with the corporate advice, they moved her to part time.

Read more

Patrick, Esq.

Doctoral Degree

17,822 satisfied customers
View more employment law questions
In The News