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Where did the $ go?
Old 01-04-2020, 04:48 PM
 
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So, I was checking on all of my finances over break; and found out that for a few years no money has been put in my 403b. My paystubs show that the money was withdrawn from my checks, but was not deposited into the 403b. Where does the money go, if it was not put there? i had money going into it for several years prior to this happening. Do I need a lawyer? I do have a Union.


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Absolutely!
Old 01-04-2020, 06:26 PM
 
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You definitely need to lawyer up, because not only did you not get the contributions, you lost out on ALL the interest, too!

I'm so sorry this happened, and I wish you luck!
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Old 01-04-2020, 06:41 PM
 
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A couple of questions you may want to ask before paying a lawyer.

For the payroll/HR dept--details about exactly where the money was sent, by what method (check, electronic transfer, etc.), any account numbers for tracking purposes, etc., etc.

For the 403b company--do you get year-end statements? Is there possibly a second account and the problem is that when you look at the info from one account, it wasn't linked to the other one?

I sure hope there ends up being a simple communications problem, easily fixed.
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Second TAOEP's suggestions
Old 01-05-2020, 06:28 AM
 
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My district changes 403b "providers" frequently. Get all the information you can before proceeding.

If you don't have print copies of everything, get them.
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Old 01-05-2020, 08:20 AM
 
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My guess is somewhere along the line the account you had was discontinued and a new account started for new deposits. Start by calling whoever manages the 403b (or look online- you should have an online account), and payroll to see where the deposits are going.

Why start with "do I need a lawyer?" Don't assume the worst before you investigate. FYI- at the end of every year, I put together a running document on all of our assests with their value. That helps me ensure I don't miss anything, or "forget" about something important. Should also make it easier when I get older or if something happens to us suddenly.


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Old 01-07-2020, 01:37 PM
 
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Start with payroll. Ask for the name of the company they are sending it to and the routing information. Then call the 403b company and get the information on your accounts sent to you.

My guess is that somehow your current contact info is not attached to your account. Once you get it attached you should get reports sent to you on a regular basis.

If you have a problem with payroll giving you the information, call your union. Here the union would help you navigate through payroll.

A lawyer is your last resort.
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