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  1. #1
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Must You Contribute?

    Is the retirement fund you refer to a pension plan? A 401k?

  2. #2
    Join Date
    Feb 2008
    Posts
    18

    Default Re: Must You Contribute?

    Is there such a number as a 403k? I am not sure exactly what the title is.

  3. #3
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Must You Contribute?

    It might be a 403b. What's her employer's industry?

  4. #4
    Join Date
    Feb 2008
    Posts
    18

    Default Re: Must You Contribute?

    It is a YMCA.

  5. #5
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Must You Contribute?

    Yes, I suppose that could be a 403b.

    I know less about 403b's than I do about 401k's, but I will be talking with someone later today that knows more about them than I do. I'll get back to you.

  6. #6
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Must You Contribute?

    This is what my source says but hold for cbg to come back & see what the person she talks to has to say.

    At one time, the only way you could join your company's 401(k) plan, 403(b) plan, or 457(b) plan was to put pen to paper and sign yourself up by filling out the appropriate forms. Now, though, in an effort to help participants increase their retirement savings, some employers have begun enrolling their employees automatically. With automatic enrollment, you don't fill out a form to opt into your company's retirement plan; you only fill out a form to opt out of it. You need to ask your employer for an opt out form if you do not wish to participate in their retirement plan. They cannot require you to participate though very few employees will opt out.

  7. #7
    Join Date
    Feb 2008
    Posts
    18

    Default Re: Must You Contribute?

    They gave her a paper to fill out and on it the phrase "required to join"-
    nothing about legally required, just required to join.
    She must fill out papers and sign it. That is what makes me wonder if she
    does have an option to say no.
    When she began to work there, they were on her back (almost demanding)
    she automatically have a deduction for the United Way be taken out of her
    salary. She works all night scrubbing and cleaning for these people and makes $9.00 per hour and they insist she give part of that away. Now this.
    That is pure nerve.
    If she is legally not required, then she won't. She can barely make ends meet now.

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