Employer 401k Audit?

[electronman1729]

Has anyone gone through their employer having a 401K audit? Curious about what this means. Is this something I should be concerned about?

[DenverGP]

Typically required for any plan with 100 or more eligible participants.

[spqrzilla]

If a company's 401K plan does not have participation from multiple income levels, it can lose its 401K status. In other words, the IRS is trying to keep upper management from having a 401K plan that only benefits them, not the mid / lower level employees.

[electronman1729]

If a company's 401K plan does not have participation from multiple income levels, it can lose its 401K status. In other words, the IRS is trying to keep upper management from having a 401K plan that only benefits them, not the mid / lower level employees.

Found out what this meant this morning. Looks like I'm getting most of my 2016 401k contributions back.

[Gman]

Found out what this meant this morning. Looks like I'm getting most of my 2016 401k contributions back.

Whoa. What about the potential growth of those contributions over the past year? Is your company's 401K program managed by an investment group, like Fidelity?

[Batteriesnare]

Found out what this meant this morning. Looks like I'm getting most of my 2016 401k contributions back.

Would be very curious the cause of this - sounds like there was some dickery going on...

[Skip]

Found out what this meant this morning. Looks like I'm getting most of my 2016 401k contributions back.

Audit = normal.

This? Sketchy. Did you over contribute or is everyone get all of their contributions back? Are they going to correct your W-2?

[electronman1729]

Audit = normal.

This? Sketchy. Did you over contribute or is everyone get all of their contributions back? Are they going to correct your W-2?

Getting back, half of my money. Didn't over contribute, but I typically try to make sure I hit the max limit every year.

What has me mad is all I got was a phone call from my hiring agency and no detailed explanation about why I'm getting this money, and none the less how it will be taxed.

[electronman1729]

Whoa. What about the potential growth of those contributions over the past year? Is your company's 401K program managed by an investment group, like Fidelity?

Principle which is absolutely worth less, luckily I still have my own Fidelity, from my previous employers

[Bailey Guns]

Can you just roll it over to your Fidelity account?