Why can’t I ask you questions? Are you a King?
Future of 401ks
- Thread starter SAJ-99
- Start date
rjthehunter
Well-known member
If you can't answer that easy of a question, I'm not interested in further discussion.
Good
They maybe against it however once they see that this will come to fruition they will lobby to gain an angle that ensure they have a foot in the door and profits to come with it.
Wildabeest
Well-known member
Not saying it doesn’t happen, but that’s illegal. I’ve made a career out of helping govt agencies find these people and cut them off (and also recover payments and put some in jail).
This is one blatant example: https://amp.theolympian.com/news/local/article25284742.html
It’s crazy the shit people will put online of themselves committing crimes. Facebook was a godsend for investigations of this stuff - people using their real names and posting their physical accomplishments while collecting disability. Game the system at your own risk.
shannerdrake
Well-known member
In before the lock!
Considering “lost” revenue from pretax retirement plans is costing the government about 1% of our country’s annual operating budget and .15% of our current national debt, one has to assume that no one would really rally around ending pretax plans in the name of improving/balancing (chuckle) the budget. Right????
That being said, the “eat the rich” narrative seems to play strangely well to both sides and graphs like this prove that the evil top 20% benefit the most from pretax plans. So who knows? There are people in congress who ran on platforms vowing to reduce our country’s annual cow farts so stranger things have happened.
Considering “lost” revenue from pretax retirement plans is costing the government about 1% of our country’s annual operating budget and .15% of our current national debt, one has to assume that no one would really rally around ending pretax plans in the name of improving/balancing (chuckle) the budget. Right????
That being said, the “eat the rich” narrative seems to play strangely well to both sides and graphs like this prove that the evil top 20% benefit the most from pretax plans. So who knows? There are people in congress who ran on platforms vowing to reduce our country’s annual cow farts so stranger things have happened.
D
Deleted member 48080
Guest
It seems so crazy to me to read about situations like these and @LIK2HNT mention, after seeing how hard it is for legitimately sick people to get on it.
Is it crooked doctors fabricating the paperwork?
LIK2HNT
Active member
Another government bs issue. How come an agency can invest their pension plan in the stock market, and then raise sales tax to cover their loss? And leave that tax in place long after they recouped their losses. My losses in ‘08 were my burden alone, and mine to figure out how to reinvest. No one bailed me out! Actually now I get the privilege to pay more for everything. 
D
Deleted member 48080
Guest
Another 401k question- does anyone have input or opinions on a company directing bonus money to 401k accounts, rather than giving it directly to the employees?
LIK2HNT
Active member
Keep up the good work. Glad to see someone doing it.
longbow51
Well-known member
- Joined
- Feb 17, 2023
- Messages
- 1,054
I've got a great idea; how about we get the same retirement plan Congress gets, or they get the same one we get?
Wildabeest
Well-known member
Sometimes. Some docs are more “prone” than others to sign disability orders, and that’s something we look for in the data to establish suspicion. We do the same thing to identify docs overprescribing opioids (aka “pill mills”). Then the investigators take over to audit everything and sometimes even do surveillance to build a case. Those “post-it note and string” things you see on TV crime dramas - we do on computers.
SAJ-99
Well-known member
A company paying annual profit sharing as a 401K match is pretty normal. I have never heard of a company paying a cash (salary) bonus in one year and then switching it to a 401k contribution the next. That said, if I were to guess, it is perfectly legal unless there is a contract stating otherwise.
Wildabeest
Well-known member
A lot of bonuses are earned in one year, but paid in the next - especially for companies on a calendar year fiscal. They don’t know bonus payouts until the books close after Jan 1. So long as you aren’t over your annual max 401k contribution, you can legally allocate as much of your bonus as you want to your 401k. Subject to your employer’s 401k policies of course.
D
Deleted member 48080
Guest
Sorry- yes, profit sharing. Not bonuses.
I wasn't questioning the legality or anything, moreso just wondering what the benefit/risk is of doing it that way. I'm such a damn pessimist on stuff like that, that I have no faith that I'll ever see that money.
D
Deleted member 28227
Guest
For 2023 employee contribution is $22,500 and Employer is $66,000.
I’ve heard of 100% matches so $22,500 from an employer, but I’ve never heard of anyone getting the full $66,000.
Seems like a lot left on the table… I always wondered if you could negotiate for a ~300% match, but most employers seem like they don’t have a lot of flexibility in that regard
SAJ-99
Well-known member
It should just get put in your account. It's yours if you have immediate vesting, which is how it typically works in a 401K.
D
Deleted member 48080
Guest
What's the penalty to take it out now? I need to go chase a white sheep.
westbranch
Well-known member
For 2023 employee contribution is $22,500 and Employer is $66,000.
I’ve heard of 100% matches so $22,500 from an employer, but I’ve never heard of anyone getting the full $66,000.
Seems like a lot left on the table… I always wondered if you could negotiate for a ~300% match, but most employers seem like they don’t have a lot of flexibility in that regard
Adding additional profit sharing/401k contributions allows company owners to go up to the $66k max on their personal accounts. They can't just max out there own account without giving extra to their covered employees. A lot of extra calculations go into a cross-tested 401k plans that allow that. It can work well for a small (<20 employee), high-income employers. Just doesn't work well for most businesses, they go with a safe-harbor plan to prevent issues with highly compensated employees getting more of a benefit.
SAJ-99
Well-known member
Gets classified as income and they tack on a 10% penalty, unless you are 59.5. Although a sheep hunt might qualify as a hardship withdrawal, LOL.
