By anonymous:As of 2/26, no 401(k) contributions to Fidelity have been made by LLNS for the 2/22 paycheck. Look at your transaction history, folks.
Deposits have historically been made on payday. The market has gained considerable momentum in the last two days with the D/J up almost 300 points. When pressed, payroll said it was a transfer "glitch" and wouldn't commit to the Friday rate. Where's our money? Where's the profit we've made had it been given to Fidelity on 2/22?
5 comments:
"Where's the profit we've made had it been given to Fidelity on 2/22?"
Well, today - down the toilet. Last I looked, the Dow was down about 276 points, give or take a few. Oh well!
The LANS service-based 401k contributions are made only once per year for the previous year. Only the employee and employer match are made each payday at Los Alamos. We got our 5.5% (for 20 yrs of service) on 1-31-2008 for pay earned for all of 2007. I wonder if this difference will continue after they complete the new BENVAL study.
Deposits made on 2/27, 5 days after expected date (employee contribution shown on pay stub dated 2/22). Never had a problem before, 401K deposits were made exactly when expected ever since LLNS took over and we started with the "new retirement plan." So what happened this time? Called Benefits on Tuesday 2/26, they said it was a "glitch", that it was being worked on, and that an email or Newsonline or Newsline article was being prepared to explain what happened, what the fix was, and why this wouldn't happen again. So far, I haven't seen any article or other communication about this, though the money did show up eventually at Fidelity (albeit 5 days late). Although the amount of growth of any one 401K account over the 5-day delay wouldn't really amount to very much, when applied across all the employee accounts, the delay could have resulted in a substantial windfall for wherever the money was sitting awaiting "the fix." Not that I suspect that anyone was making a bundle on the 5-day "float", but without hearing anything from LLNS (typical non-communicative nature, even after an explanation was promised), one might have cause to wonder.
I looked at the difference in what I got on the 27th versus what I would have gotten on the 22nd, and there's about a 2% difference in what I received. In other words, on average, I would have gotten about 2% more had the purchases been made on the 22nd. I'm waiting to hear the explanation for this one. Ought to be good. Didn't they screw up once before (pre-LLNS) and not deposit people's checks on time causing a lot of bounced checks, etc.?
It's also interesting to note that this supposed "glitch" only occurred to TCP-2 employees (i.e., those that receive any matching funds from LLNS' pockets).
TCP-1's 401k paycheck-only deduction contributions were deposited right on time.
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