this post was submitted on 02 Sep 2024
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My old company stopped contributing to our 401k even when they were taking the $$ out. The CEO Irma gave us her personal message that they were going to take care of it and that we were doing just fine.
Then we got a surprise video meeting over memorial day. The oh shit moment was everyone was told via the call that we were indefinitely furloughed. I didn't even know that was thing. Unfortunately when you get furloughed like we did, you can't get unemployment since your not terminated, you can't get insurance, and paychecks started to bounce from over a month ago. It was a bad situation. So yeah that was my oh shit situation.
Happened at a previous company for me too. They were paying people with their own 401k's for quite some time before they went under. Some of my coworkers were putting in max contributions.
No one ever saw any of that money back. The management just rolled into a new venture like nothing happened. There were tons of lawsuits but they had all their money hidden away.
Continue...
What else do you want to know ?
Did you ever get the money they owed you? I had a much less exciting version of that where a job I had was taking money out of paychecks for insurance that was never actually provided. Many years later the courts sorted things out and a few thousand showed up in the mail.
No it's still going through the courts. The FBI and the SEC got involved.