Mrs. Dinero
Well-Known Member
100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
Posts: 1,508
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Post by Mrs. Dinero on Sept 12, 2022 15:45:09 GMT -5
My start date was Oct 4th. I reached out to HR for enrollment info. They stated I’ll be eligible Nov 1st since enrollment is the beginning of the month after your year anniversary. So dumb! Is it possible to get the company match in 4 pay periods? My paychecks will cover the deductions but do companies allow you to do this for 4 pay periods then change deduction amount for next year?
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haapai
Junior Associate
Character
Joined: Dec 20, 2010 20:40:06 GMT -5
Posts: 5,887
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Post by haapai on Sept 12, 2022 16:25:57 GMT -5
Welcome to your new job. You've had almost a year to figure this out. Why in the world are you asking the world what your new employer's rules are? You're also calling these things that you haven't figured out yet "dumb".
This is a poor way of asking for information, help, or hacks.
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Post by minnesotapaintlady on Sept 12, 2022 17:52:59 GMT -5
You'll probably have to read your plan docs or talk to HR/Payroll as every company is different. We can change our allocations as many times as we want, but it takes a few weeks to process, so it's not like I can make a change a week before my next check and have it go through. Some plans restrict how often you can change your contributions.
As far as the company match wouldn't you get it right away? Or are you talking about maxing out the match for the entire year by putting nearly all your paycheck in? That's a question for your payroll too. They might not let you get match on income before you were eligible, or the match is only per paycheck with no "true up" later. So many possibilities!
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gs11rmb
Senior Member
Joined: Dec 21, 2010 12:43:39 GMT -5
Posts: 3,303
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Post by gs11rmb on Sept 13, 2022 8:19:45 GMT -5
Welcome to your new job. You've had almost a year to figure this out. Why in the world are you asking the world what your new employer's rules are? You're also calling these things that you haven't figured out yet "dumb".
This is a poor way of asking for information, help, or hacks.
That was harsh... |
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,929 
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Post by bean29 on Sept 13, 2022 8:54:50 GMT -5
I don't know how large a company you are working for, but I would go to HR, or your Accounting/Payroll Personnel and ask your questions. Yes the Plan document will tell you too, but they are complicated and not the most easy documents to read imho. So, you might want to do both.
We allow changes to your allocations as often as you want, but I always ask the employees to do it at the beginning of the Month, b/c the reconciliation is easier for me. I tell them if they want/need to do it mid month, they can. Mostly they go with the beginning of the month.
Changes to our plan have often come about because someone asked for them.
Index funds were added when someone asked for them, as was a Roth Option. So if you want something that is not currently being offered, you can ask if there is any chance that option will be added to your plan in the future.
Our company match is on a per paycheck basis, so you can't start later in the year and get a 4% match of you wages for the whole year. We could do that at one employer I worked at in the past, so again, you have to ask how the plan works.
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Mrs. Dinero
Well-Known Member
100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
Posts: 1,508
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Post by Mrs. Dinero on Sept 13, 2022 10:29:29 GMT -5
Welcome to your new job. You've had almost a year to figure this out. Why in the world are you asking the world what your new employer's rules are? You're also calling these things that you haven't figured out yet "dumb".
This is a poor way of asking for information, help, or hacks.
I find it dumb that I have 4 pay periods to deduct an annual match when I thought I had 6. Sorry my wording was off putting |
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