If a Co decides not to pay pension contributions?
My Co has now decided not to pay there side of pension contributions,but will increase there salary by the % agreed .My prob with this is i was never approached to join the scheme even after the qualifying period, my salary will not increase by the 3% stated .. have i got grounds for discrimination over this?
Any help on this matter wld be greatly appreciated
Answers:
Seems to me that you're talking about a 401(k) . The employer has elected not to make direct contributions, which is acceptable. Instead the company has elected to provide employees with an increase in wages. Since you are not participating in the 401(k) plan, you are not entitled to the 3% salary increase. There is no discrimination.
I would suggest that you join the plan as soon as possible. Find out from HR, or your supervisor when you can enroll.
Contact your lawyer. If you don't have one, ask a trusted friend who they recommend. Don't just pick one from the yellow pages.
Also make sure you get a free consultation. If you have a case, there will be enough money in it for the lawyer if they accept the case. If you don't have a case then you lose nothing and are more likely to call the attorney later when you need one.
Hope this helps,
Art
dunno
No. Pension contributions are part of a negotiation when you join a Co and if you opt out, then tough.
Same with share purchase schemes. While you spend all your salary on beer and laugh at the saddos who invest, the worm turns come floatation time or retirement.
Also, try ACAS who monitor behaviour like this, and join the TUC.
http://www.acas.org.uk/
http://www.tuc.org.uk/
What company? If the company had pension, it should be a sizable company. They probably sent out mails/emails or had meetings to discuss the matter. When you said you weren't approached, do you mean you didn't know about it? Or did you ignore the notice thinking somebody will personally invite you to participate? If the company notified employees in reasonable manners and if nobody else was left out, I think you have a tough case. If many people were left out because the information wasn't given, get together and find an attorney.
I'm having a hard time believing that a company didn't offer you the chance to participate. They may have told you at orientation, or provided information as part of your initial employment package and you didn't read it or follow through. They aren't required to remind you when you are supposed to sign up, just tell or provide information on the subject at some time.
If in fact you weren't told about participation you have a good legal case against the company, of course anytime you bring suit against a company that you are working for there are usually repercusions even if they aren't overt.
Pensions are regulated by law, check with a lawyer that specializes in Labor law.
I assume by the 3% that you have either a SIMPLE IRA plan or a safe harbor 401k. The 3% to the SIMPLE plan can be done so that they contribute an average of 3% in three out of five years. The 3% safe harbor contribution to a 401k plan can be eliminated 30 days after they give notice of termination of the contribution. They would still have to contribute the 3% of compensation until that time.
You don't have to be consulted about what they want to give you. But it does seem strange that they would stop the 3% to the plan and give you a salary increase of 3%. That move doesn't make sense.
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Any help on this matter wld be greatly appreciated
Answers:
Seems to me that you're talking about a 401(k) . The employer has elected not to make direct contributions, which is acceptable. Instead the company has elected to provide employees with an increase in wages. Since you are not participating in the 401(k) plan, you are not entitled to the 3% salary increase. There is no discrimination.
I would suggest that you join the plan as soon as possible. Find out from HR, or your supervisor when you can enroll.
Contact your lawyer. If you don't have one, ask a trusted friend who they recommend. Don't just pick one from the yellow pages.
Also make sure you get a free consultation. If you have a case, there will be enough money in it for the lawyer if they accept the case. If you don't have a case then you lose nothing and are more likely to call the attorney later when you need one.
Hope this helps,
Art
dunno
No. Pension contributions are part of a negotiation when you join a Co and if you opt out, then tough.
Same with share purchase schemes. While you spend all your salary on beer and laugh at the saddos who invest, the worm turns come floatation time or retirement.
Also, try ACAS who monitor behaviour like this, and join the TUC.
http://www.acas.org.uk/
http://www.tuc.org.uk/
What company? If the company had pension, it should be a sizable company. They probably sent out mails/emails or had meetings to discuss the matter. When you said you weren't approached, do you mean you didn't know about it? Or did you ignore the notice thinking somebody will personally invite you to participate? If the company notified employees in reasonable manners and if nobody else was left out, I think you have a tough case. If many people were left out because the information wasn't given, get together and find an attorney.
I'm having a hard time believing that a company didn't offer you the chance to participate. They may have told you at orientation, or provided information as part of your initial employment package and you didn't read it or follow through. They aren't required to remind you when you are supposed to sign up, just tell or provide information on the subject at some time.
If in fact you weren't told about participation you have a good legal case against the company, of course anytime you bring suit against a company that you are working for there are usually repercusions even if they aren't overt.
Pensions are regulated by law, check with a lawyer that specializes in Labor law.
I assume by the 3% that you have either a SIMPLE IRA plan or a safe harbor 401k. The 3% to the SIMPLE plan can be done so that they contribute an average of 3% in three out of five years. The 3% safe harbor contribution to a 401k plan can be eliminated 30 days after they give notice of termination of the contribution. They would still have to contribute the 3% of compensation until that time.
You don't have to be consulted about what they want to give you. But it does seem strange that they would stop the 3% to the plan and give you a salary increase of 3%. That move doesn't make sense.
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