Does an employer who stops contributions to 401k plan set up by the employer have to pay back monies to the plan.

my employer set up a 401 sar sep plan for the employees with a 1% match the first year with a promise to increase that amount by 1% each year, its come to the employees attention that he stopped matching our deductions with no notice to any of us, i read in the labor laws that this is punishable up to $1000, for over $500, or jail time is this true - Is this your question? Add additional information
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Answers (1)

Elisa W. Ungerman

Elisa W. Ungerman

Contributor Level 5
This needs to be answered by an attorney who specializes in ERISA plans in your area. I would contact one asap - there are a few in the Bay Area.
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