Wednesday, July 28, 2010

Less reputable employers raid 401(k)'s; so do some collection agencies

AOL’ s Walletpop is reporting that some smaller, less stable employers have been raiding their associates’ 401(k) plans, with over 1500 cases known every year. The story is titled “Is your boss stealing from your retirement account?” link here. The article recommends making the effort to monitor your 401(k) account carefully, which may take some initiative and effort. The AOL link is here.

Another site with information is the Investor Protection Trust, link here. Some less stable employers have reportedly held up deposits to 401(k) accounts to pay other bills, an illegal practice. .

There is a YouTube video about a collection agency “stealing” a 401(k) account as well as bank accounts (in a case where a collection agency has “bought” a debt).

No comments: