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401(k) plans don’t have to allow employees to borrow from their vested account balances. But if they do, the news is grim. According to a recent survey, about 10% of employees who borrow from their 401(k) plans default. The default percentage skyrockets to 80% if employees terminate with outstanding loans.
Q. We require direct deposit of employee paychecks. We have one employee who hasn’t set up an account despite frequent requests. We have to mail his check from headquarters, sometimes via courier. Can we charge him a fee?
Question: We verify employees’ names and Social Security numbers through the telephone number employer verification service (TNEV) and the paper option. Are these methods still available?
Question: Several employees want to participate in two multi-employer 401(k) plans, but their combined contributions would exceed the Section 415 limitations on overall contributions. Can the employees legally participate in both plans during the same year?