I was recently informed that my position was eliminated and was offered severance pay. I requested for money to be put into my 401k for which my employer said they would not. Are they legally required to do so in ca if employee requests.

I work for a hospital. My position has been eliminated and i was offered severance which will be paid lump sum. I have worked here for 27 years I asked for some of the money to be putinto 401k to reducethe tax burden which they said they would not My questionis employer is legallyrequired to do in california

1 answer  |  asked Jan 13, 2016 10:40 PM [EST]  |  applies to California

Answers (1)

Arkady Itkin
Hello,

There is no such requirement and the employer is not obligated to put severance into 401k. You might have options to do so yourself. It might be a good idea to discuss this with your banking or investment person.

Thanks,

Arkady Itkin

posted by Arkady Itkin  |  Jan 14, 2016 01:29 AM [EST]

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