Being stolen from is a horrible feeling. It makes you feel violated and just downright angry. After the shock wears off, your first instinct is to catch the thief and make him pay. The only thing you can think about are all the ways you’d like the thief to get payback.
But what should you do if the thief is your employer? In this case, you’ve got a sticky situation on your hands. And it’s a problem that shouldn’t be ignored; your future depends on making sure you get your money. Some unethical employers line their pockets at their employees’ expense, and it’s a practice they shouldn’t get away with.
Employers who have recently fallen on hard times are most likely to commit retirement account theft. They attempt to bridge financial gaps by relying on employee contributions. Fortunately, the Department of Labor is here to help. During 2015, Employee Benefits Security Administration investigators recovered more than $4.9 million in retirement contributions that were stolen from employees.
Usually, if you contribute to an employer-sponsored retirement plan such as a 401(k), your employer deposits your contributions. However, some greedy employers pocket these contributions instead of depositing them into your retirement account. However, many employees don’t even notice because they don’t take the time to look at their account statements.
If you find yourself in this situation, there are steps you must take to make sure you get your money back. Here’s what to do if you suspect your employer is stealing from your retirement account.