Posted by 8N'r--WI on January 18, 2010 at 09:28:24 from (72.135.233.138):
In Reply to: FORCED 401 K posted by LOU from Wi. on January 18, 2010 at 07:09:28:
401k"s are really and "add on" CODA(cash or deferral arrangement) to a Profit Sharing Plan.
Most employers today do not give any profit sharing contributions to employees, because this is a voluntary contribution on their part.
Like others have said, she may be given a "small" profit sharing amount of money by her company----but on the 401k end of the plan, she cannot be "forced" into putting her own money into the 401k plan.
As to what was mentioned before, most companies offer a company match to whatever your daughter puts into the 401k plan. This is "free money" and a person would be foolish not to put into the 401k at least up to the company match amount.
However, you may be surprised to know there are a lot of folks that have the company "match" available to them and still do not contribute...go figure that....
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