Legal Question in Investment Law in Tennessee

401k

Our previous employer deducted from our paychecks 401k deductions in October 2008 but never put the money in our 401k accounts at the financial institute. Three of the employees that had deductions were laid off in October. I've asked the financial institute the same question, but they don't have the answers. Is this legal?


Asked on 12/20/08, 6:14 pm

1 Answer from Attorneys
Warren Markowitz Warren R. Markowitz, Esq

Re: 401k

If your employer withheld funds for the purpose of depositing them in a 401k account and failed to do so, then you need to confront them.

If you are damaged by their action, you may have the ability to recover under a breach of contract or agency action.

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Answered on 12/20/08, 8:57 pm


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