2Far ★ Posted October 20, 2020 Share #1 Posted October 20, 2020 You remember the one, he doesn’t know how to do payroll? About 4 weeks ago, I was adjusting my 401 deduction online when I noticed they had the option for a Roth. So I added the Roth by the same % I reduced my 401k. Cue this week, I’m checking the timing of the 401k deposits into the account, but there’s no Roth contribution. I check my last two ADPs, yep, the Roth was taken out. 401k money usually goes in the next day after payday. I sent him some screen shots & asked him to “Show me the money!” I sure hope he’s seen Jerry McGuire. Link to comment Share on other sites More sharing options...
Popular Post Guest Posted October 20, 2020 Popular Post Share #2 Posted October 20, 2020 He will, once he gets back from vacation. 1 1 4 Link to comment Share on other sites More sharing options...
2Far ★ Posted October 20, 2020 Author Share #3 Posted October 20, 2020 Thank dog he doesn’t do anything with the money. Just prints out reports & complies with the overlords’ minutiae. Link to comment Share on other sites More sharing options...
Airehead Posted October 20, 2020 Share #4 Posted October 20, 2020 Any response? Link to comment Share on other sites More sharing options...
bikeman564™ Posted October 20, 2020 Share #5 Posted October 20, 2020 11 hours ago, 2Far said: You remember the one, he doesn’t know how to do payroll? About 4 weeks ago, I was adjusting my 401 deduction online when I noticed they had the option for a Roth. So I added the Roth by the same % I reduced my 401k. Cue this week, I’m checking the timing of the 401k deposits into the account, but there’s no Roth contribution. I check my last two ADPs, yep, the Roth was taken out. 401k money usually goes in the next day after payday. I sent him some screen shots & asked him to “Show me the money!” I sure hope he’s seen Jerry McGuire. I'm thinking aboot changing mine to a roth. I've been donating to my 401k since 1997 1 Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 20, 2020 Share #6 Posted October 20, 2020 5 minutes ago, bikeman564™ said: I'm thinking aboot changing mine to a roth. I've been donating to my 401k since 1997 Backdoor Roth? That is interesting, but the tax hit is significant. I guess it depends on what you expect your tax liability to be when you retire. I know with mine, it will be quite low taxes in retirement as our income will plummet. Personally, we like doing both. We max the 401s or 403 and max Roth. In retirement we will have both options to draw from and that helps keep the taxes low. Link to comment Share on other sites More sharing options...
bikeman564™ Posted October 20, 2020 Share #7 Posted October 20, 2020 5 minutes ago, Dirtyhip said: Backdoor Roth? That is interesting, but the tax hit is significant. I guess it depends on what you expect your tax liability to be when you retire. I know with mine, it will be quite low taxes in retirement as our income will plummet. Personally, we like doing both. We max the 401s or 403 and max Roth. In retirement we will have both options to draw from and that helps keep the taxes low. Tax now or tax later. Tax rates will increase change most definitely. I wanted to move my current funds to an IRA but can't if I'm still employed by my current employer. Link to comment Share on other sites More sharing options...
2Far ★ Posted October 20, 2020 Author Share #8 Posted October 20, 2020 31 minutes ago, Airehead said: Any response? He forwarded it to the payroll person, they forwarded it to the benefits person, they replied that they'd work on it this morning. 1 1 Link to comment Share on other sites More sharing options...
Scrapr ★ Posted October 20, 2020 Share #9 Posted October 20, 2020 47 minutes ago, 2Far said: He forwarded it to the payroll person, they forwarded it to the benefits person, they replied that they'd work on it this morning. did he see Jerry McGuire in the hallway? Link to comment Share on other sites More sharing options...
2Far ★ Posted October 20, 2020 Author Share #10 Posted October 20, 2020 2 hours ago, Scrapr said: did he see Jerry McGuire in the hallway? No comment from him, so I doubt it. 3 hours ago, Airehead said: Any response? "I can say there is a delay on when money is taken out of your check and then when it shows up in <<Administrator>> - it is not an immediate thing. I believe <<4th Person>> can confirm the payroll funding schedule." Our 401(k) money usually goes in the next day, sometimes 2 BDs. We're now working on 3 weeks for the first deposit into the Roth. 3 hours ago, Dirtyhip said: We max the 401s or 403 and max Roth. Yeah, that's where I'm at. With all the OT, I'm advancing to the yearly limit more quickly than originally planned. I have to meter it to the end to ensure I get all the company's (measly) match. I'm a thinking if I don't have the same amount of money automatically put away, then I'll have a hard time ramping back up at the beginning of next year. I know me. Link to comment Share on other sites More sharing options...
donkpow Posted October 20, 2020 Share #11 Posted October 20, 2020 What ever happened to the traditional means of income in retirement? The one where you would sell stolen office supplies on the corner. 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted October 20, 2020 Share #12 Posted October 20, 2020 2 minutes ago, donkpow said: What ever happened to the traditional means of income in retirement? The one where you would sell stolen office supplies on the corner. Or pawn stuff. What happened to pawn shops? 3 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted October 20, 2020 Share #13 Posted October 20, 2020 15 minutes ago, 2Far said: Yeah, that's where I'm at. With all the OT, I'm advancing to the yearly limit more quickly than originally planned. I have to meter it to the end to ensure I get all the company's (measly) match. I'm a thinking if I don't have the same amount of money automatically put away, then I'll have a hard time ramping back up at the beginning of next year. I know me. I think ours is a match on the "first measly %", not metered out over the year, so I hit that match fairly early. Likewise, if you hit 50 like I did, you get to bump it up! Both 401k plans and something like a Roth IRA get higher "catch-up" contribution limits. I also wonder if the company gets a bit of juice/vig going by taking money out for a retirement account and then delays a short time in transferring it to the brokerage accounts? Or maybe brokerages do that? That would add up. Link to comment Share on other sites More sharing options...
MickinMD ★ Posted October 20, 2020 Share #14 Posted October 20, 2020 The common complaint among my grumpy old cousins and grumpy me is the inability to complete a task correctly by many of today's workers. But I do point out to them that's not just this generation: the same complaint was made in the essay "A Message to Garcia," written in 1899 by Elbert Hubbard and ever since the most published work in English of all time and is given to many in company management (how I learned of it) and military men. Supposedly, EVERY Russian soldier who went to the front in the Russo-Japanese war in the early 1900's was given a copy to read. The key points, which are as true now as in 1899 (https://iblp.org/programs/daily-success/command-34-be-servant/letter-garcia): When war broke out between Spain and the United States, it was necessary to communicate quickly with the leader of the insurgence. Garcia was somewhere in the mountain vastness of Cuba—no one knew where. No mail or telegraph message could reach him. The President must secure his cooperation, and quickly. What to do?! Someone said to the President, “There’s a fellow by the name of Rowan who will find Garcia for you, if anybody can.” Rowan was sent for and given a letter to be delivered to Garcia. How “the fellow by the name of Rowan” took the letter, sealed it up in an oilskin pouch, strapped it over his heart, in four days landed by night off the coast of Cuba from an open boat, disappeared into the jungle, and in three weeks came out on the other side of the island, having traversed a hostile country on foot and delivered his letter to Garcia—are things I have no special desire now to tell in detail. The point that I wish to make is this: McKinley gave Rowan a letter to be delivered to Garcia; Rowan took the letter and did not ask, “Where is he at?” There is a man whose form should be cast in bronze and the statue placed in every college of the land. It is not book-learning young men need, nor instruction about this and that, but a stiffening of the vertebrae which will cause them to be loyal to a trust, to act promptly, to concentrate their energies: do the thing—“carry a message to Garcia.” Perhaps you can send your accounting manager this link: https://iblp.org/programs/daily-success/command-34-be-servant/letter-garcia 1 Link to comment Share on other sites More sharing options...
2Far ★ Posted October 20, 2020 Author Share #15 Posted October 20, 2020 1 hour ago, Razors Edge said: I think ours is a match on the "first measly %", not metered out over the year, so I hit that match fairly early. Ours is $ for $ on the first 2% of contribution and .5$ for $ on the next 2%. 1 hour ago, Razors Edge said: Likewise, if you hit 50 like I did, you get to bump it up! Both 401k plans and something like a Roth IRA get higher "catch-up" contribution limits. Yeah, I'm bumping the "Catch-Up" number. 1 hour ago, Razors Edge said: I also wonder if the company gets a bit of juice/vig going by taking money out for a retirement account and then delays a short time in transferring it to the brokerage accounts? Or maybe brokerages do that? That would add up. I was one of the first adopters of a 401(k). No computer access, you could call into the automated line to get your balance. Anyhoo, the company was generous with match and some extra to take the place of the no longer offered pension (80% of first 6%, and another 7% thrown in). The down side was that it took 3-5 weeks for the deducted money to go into the account. I think subsequent federal rules both tightened up when the money had to go in and loosened the stranglehold of low risk investments. 1 Link to comment Share on other sites More sharing options...
Kzoo Posted October 20, 2020 Share #16 Posted October 20, 2020 It might be an issue with your fund manager/investment company. They may take a few days to set up the account for you. The Roth will take a different account from the 401. Money can't be deposited until the account is created. And in the COVID world some of these things take longer. Just a thought. Link to comment Share on other sites More sharing options...
2Far ★ Posted October 20, 2020 Author Share #17 Posted October 20, 2020 16 minutes ago, Kzoo said: It might be an issue with your fund manager/investment company. They may take a few days to set up the account for you. The Roth will take a different account from the 401. Money can't be deposited until the account is created. And in the COVID world some of these things take longer. Just a thought. Maybe. Our company just rolled over the funds from our old administrator to this one and my old Roth funds were transferred, though I don't see them as a separate account (I saw them as a separate transfer). Since 01/01/2020 the payroll deductions & match have been going into the new admin. IIRC, in the lead up to the changeover, they told us that there wasn't going to be a Roth available. I was somewhat surprised when I saw the option. Link to comment Share on other sites More sharing options...
2Far ★ Posted November 7, 2020 Author Share #18 Posted November 7, 2020 On 10/20/2020 at 11:29 AM, 2Far said: "I can say there is a delay on when money is taken out of your check and then when it shows up in <<Administrator>> - it is not an immediate thing. I believe <<4th Person>> can confirm the payroll funding schedule." Wednesday I forwarded all to our AM, adding thats its been two more weeks and no money and only the vague “not an immediate thing”. I asked who we could escalate to. <<4th person>> immediately replied that it would be “this week”. So I thanked them & asked “So, first pay period of every month?” “No, 2Far. Weekly.” Sounded kinda bitchy to me. Anyhow, still no money. Link to comment Share on other sites More sharing options...
Ralphie ★ Posted November 8, 2020 Share #19 Posted November 8, 2020 On 10/20/2020 at 11:44 AM, Razors Edge said: Or pawn stuff. What happened to pawn shops? Easy! They went Hollywood! Chumley! Link to comment Share on other sites More sharing options...
2Far ★ Posted November 11, 2020 Author Share #20 Posted November 11, 2020 Whelp, the Roth money went into the account last night. Gotta wait 'til next week to see if it's a regular thing or not. Link to comment Share on other sites More sharing options...
Kzoo Posted November 11, 2020 Share #21 Posted November 11, 2020 3 minutes ago, 2Far said: Whelp, the Roth money went into the account last night. Gotta wait 'til next week to see if it's a regular thing or not. All the back money? Link to comment Share on other sites More sharing options...
2Far ★ Posted November 11, 2020 Author Share #22 Posted November 11, 2020 30 minutes ago, Kzoo said: All the back money? All the back money. Link to comment Share on other sites More sharing options...
2Far ★ Posted November 11, 2020 Author Share #23 Posted November 11, 2020 New issue: My direct deposit for tomorrow looks like it's short ~8 hours and 5 days perdiem. Ever notice that when payroll Fs up your check, it's always short?? Link to comment Share on other sites More sharing options...
BuffJim Posted November 11, 2020 Share #24 Posted November 11, 2020 27 minutes ago, 2Far said: New issue: My direct deposit for tomorrow looks like it's short ~8 hours and 5 days perdiem. Ever notice that when payroll Fs up your check, it's always short?? I got an extra $1200 in January. Said to myself it’s gonna be a great year! I told HR and they took the money back. The had stiffed me in my raise, and when they fixed it, they did it twice. 1 Link to comment Share on other sites More sharing options...
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