I just checked with my 401k provider to inquire about a loan on my balance because I'm experiencing hardship right now. My company participates with a 401k program, but contributes ZERO to employee accounts. No matching, no contributions at all. The accounts are 100% paid into by employees. During my inquiry I was told that my company does not allow loans or withdrawals of any kind unless the person is a) 65 years old or b) leaves the company. Am I unreasonable for taking issue with this? If they contributed I could understand them prohibiting withdrawal of funds they contributed. But if the employee makes 100% of the deposits, shouldn't they have access to standard 401k loans/withdrawals with standard penalties? Is this common practice? Thanks!
This is an anonymous post from an Elpha member.
401k - Company doesn't contribute yet doesn't allow loans on account paid into 100% by employee
401k - Company doesn't contribute yet doesn't allow loans on account paid into 100% by employee
Nikia203·Mar 08, 2022
Posted in:Compensation
read these next
Is freelancing/contracting viable? What paths have worked for you?
Becoming a financial crime investigator
✨NEW Elpha Resource✨: First-Time Manager? Here’s What You Need to Know
You Only Need 1 Yes: On Shark Tank, Unlocking the Power of Insect Protein, and Creating a More Sustainable Future
Office Hours: I’m the Global Head of Intelligent Automation at Spotify and I’ve helped several Fortune 250 companies achieve seven figure cost savings. I’m Sidney Madison Prescott. AMA!
🍽️ Elpha SF Bay Area Dinner: Female Founders (In-Person, Thurs Mar 31st!)
Lessons in Leadership from Growing our Careers while Growing our Families
read these next
Is freelancing/contracting viable? What paths have worked for you?
Becoming a financial crime investigator
✨NEW Elpha Resource✨: First-Time Manager? Here’s What You Need to Know
You Only Need 1 Yes: On Shark Tank, Unlocking the Power of Insect Protein, and Creating a More Sustainable Future
Office Hours: I’m the Global Head of Intelligent Automation at Spotify and I’ve helped several Fortune 250 companies achieve seven figure cost savings. I’m Sidney Madison Prescott. AMA!
🍽️ Elpha SF Bay Area Dinner: Female Founders (In-Person, Thurs Mar 31st!)
Lessons in Leadership from Growing our Careers while Growing our Families