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Sunday, July 7, 2013
401k payment method
Did LLNL do something weird with the 401K payment methods?
Yes, I received a letter from the CFO June 24, 2013 about ineligible employee deductions "due to the incorrect classification of pay codes". Upon further investigation I was told by Linda Thorn from the Financial Services Help Desk that contributions made to the 401k that came from overtime were mistakenly allowed to be put in. As a former employee having had chosen the TCP2 option, the ramifications could be huge, possibly having to redo taxes from 2007-2012. July 15th is when I will find out the damage. It sounds like I will get a heavily taxed check of some sort and a much lower 401k balance. I"ll give an update when all is said and done.
4 comments:
Yes, I received a letter from the CFO June 24, 2013 about ineligible employee deductions "due to the incorrect classification of pay codes". Upon further investigation I was told by Linda Thorn from the Financial Services Help Desk that contributions made to the 401k that came from overtime were mistakenly allowed to be put in. As a former employee having had chosen the TCP2 option, the ramifications could be huge, possibly having to redo taxes from 2007-2012. July 15th is when I will find out the damage. It sounds like I will get a heavily taxed check of some sort and a much lower 401k balance. I"ll give an update when all is said and done.
I doubt you'd have to redo taxes. Any "refund" they give you in 2013 should count as income in 2013. You report in the year you receive it.
Is this another mess made by Rosenketor?
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