Friday, March 7, 2008
Payroll anomalies!
Hi, I am an Ombuds person at LLNL. I had someone come in and enlighten me about the fact that LLNS is not paying out 401K money on time and it's arriving late ~ 1 week they're using our pay as well as their end for that time with out compensation. You lose interest or if the market is in and upward trend the money you would have made, I thought this would be illegal. But there it is. I think they have trouble calculating payroll anyway as I changed my deductions from 2 to 10 and it only made a $40 dollar difference in take home pay. My CPA was amazed. Is it possible that they're using our money to pay/make up their financial problems???
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8 comments:
Then this should make you and a few others happy too.
"Just read in the Livermore Independent that LLNS has now given over $1.1M to the local community. Bet those who lost their jobs last week feel much better now.
Hail, George! We who are about to loose our jobs salute you."
So were is our 401k money with interest. Please someone find a lawyer to take these bozo's on.
Just to show you how stupid people can be. They can't get a second on their homes and their lines of credit have been cancelled. Here's their answer to not being able to have the luxuries in life that are use to.
PLASTIC SWIPED LIKE CRAZY IN JANUARY: Consumers increased their borrowing in January, especially relying on credit cards to finance their purchases. The Federal Reserve reported Friday that consumer credit increased at an annual rate of 3.3 percent in January. That was up from a 1.8 percent growth rate in December and marked the fastest pace since November. The pickup in January pushed up total consumer debt by $6.9 billion to $2.52 trillion. That was on target with economists' expectations. The increase in borrowing was led by heavier use of revolving credit, primarily credit cards. Demand for revolving credit rose at a 7 percent pace in January.
Just how do you think this is all going to come out in the end when we have two more years of home foreclosures and there is no site in end to where or when the housing market is to bottom out.
How do you chose which comments are relevant to the topic, which comments to publish and which to not enter on the blog? How many, or what percentage of entries are not published?
If a comment isn't obscene or a direct personal attack, it seems it should be published, otherwise you are practicing selective and inappropriate censorship.
For cash-starved companies, the temptation to help themselves to workers' money can be overwhelming: they run an almost zero risk of prosecution if they keep it for less than 90 days. While Federal law requires that 401(k) proceeds be 'segregated from the general assets' of the employer as soon as practical, the fine for temporarily diverting the money for less than 90 days is only $25 a day -- and has almost never been imposed.
from
"Who's Been Eating My Nest Egg?" by David Cay Johnston, The New York Times, November 26, 1996
From what little I've been able to glean from the Internet, it sounds as if LLNS will have some 'splaining to do. Some forms to be filed with the annual report, etc. They may have to calculate (somehow) what the gains plus interest would be due, and deposit them into the 401k accounts. They were certainly within the limit of 'as soon as practical', but the fact that they always had made the deposit on payday previously raises a red flag that says something went wrong.
"How do you chose which comments are relevant to the topic, which comments to publish and which to not enter on the blog? How many, or what percentage of entries are not published?
If a comment isn't obscene or a direct personal attack, it seems it should be published, otherwise you are practicing selective and inappropriate censorship."
I publish everything that has no expletives and real names of regular people. Occasionaly, someone sends in one sentence with no verb which I feel ha sno meaning and will not benefit anyone and I drop it.
Did you have a comment that did not fit what I just described and that was not published?
If so, please resend and accept my apologies... and BTW: we don't practice censorship! It defeats the purpose of blogging!
LOL
"Just to show you how stupid people can be. "
It is not the people, it is the economy.
CC debt will continue to grow, while job losses and inflation continue to rise. Then the consumer debt will go bust just like the housing bubble..people will just "walk away" from the debt. Get ready, it is going to get a lot worse in America.
Rumor: The Laboratory has been withholding employees paycheck contributions to the TCP2 401(k).
Fact: Due to some administrative problems between the Laboratory, the bank and Fidelity, 401(k) contributions for TCP2 participants, withheld from Feb. 22 pay checks, were not credited to Fidelity accounts on that date. The problems were resolved early the following week, and contributions were credited to the affected employees’ accounts on Feb. 27. The fund purchases reflected the share prices as of the closing date of the deposit, and employees were able to view the deposits to their Fidelity accounts on the following morning.
It's happened AGAIN with the 3/14 final paychecks for TCP-2 VSSOPers. No 401 (k) money went to Fidelity.
Hopefully, it will show up by Monday night.
I'm so glad I'm gone from the corrupt cesspool that is LLNS.
This has been the best weekend in YEARS. Free at last.
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