Legal Question in Business Law in Virginia

401 (k)

If you are a contibutor of the 401(d) plan at your work and you receive a letter today stating that due to the economic recession that thay will not be matching your last yrs or going forward, until business imporves, can they do this on last yrs contributions?


Asked on 1/27/09, 2:36 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: 401 (k)

Yes, very likely so unless you're working under the protection of a contract or collective bargaining type of agreement which requires unconditional matching by the employer with respect to all such employee contributions to 401(d)plan funds.

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Answered on 1/27/09, 11:00 pm


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