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My employer is several months behind in depositing my SIMPLE IRA contributions into my plan/account. What are my options?

Fort Atkinson, WI |

The contributions are 50% employee and 50% employer. My employer is securities licensed w/ a series 6 & 63 among other credentials and our firm is regulated by FINRA and the SEC. I've brought this to my employers' attention and a partial deposit was made that day. Since then, it's been several weeks and I have yet to see a deposit for the remaining past due amount.

Additionally, the day after I brought this up to my employer, I was "let go" from my job and told I could stay for the remainder of the month. My last day is this coming Friday, 9/28/12, and I'm concerned about how I'm going to be able to pay my bills since unemployment doesn't pay 100%, assuming my employer doesn't dispute my claim.

Attorney Answers 2


  1. When I saw your question heading my first remark was going to be: First find a different job.

    Try filing a complaint with Workforce Development. Also, see an Employment lawyer.

    Confidential information should not be disclosed in this Internet forum. I am a Wisconsin lawyer. The laws in each jurisdiction can be very different. I cannot give legal advice over the internet nor can I establish an attorney client relationship with you. You should NOT assume or otherwise conclude that there is an attorney -client relationship between any reader and this writer or his firm. These comments are only guideposts. They are not subject to any privilege protections. Indeed, these internet communications are neither privileged nor confidential. Accordingly, those using this form of communication need to be guarded in what they write. Because of the nature of these communications the information is general only and should not be relied upon in any specific case. This internet site is public forum, where the communications are not confidential or privileged. There may very well be merit to your defense or position in this type of situation. However, there are hardly sufficient details for an attorney to provide you with some path to follow. It is imperative that ALL of the facts in a particular situation be examined. No conclusion can be drawn from the communication that you have provided. There are some matters that are just better handled by an attorney familiar with the procedures of the courts in your area. Most, if not all, legal matters should not be handled via internet communication. At best, the responders on this site can give you a few hints and guidance. To deal with a legal problem, nothing is better than to consult with a lawyer who will give you some time and advice. If you cannot afford an attorney, there should be agencies in your area that can provide discounted, or even free, legal services. Experienced Criminal Defense Lawyer in Madison, Dane County, Wisconsin http://addbalance.com Talking to the Police - Advice from Lawyers and Police: http://addbalance.com/police.htm


  2. With most retirement contributions, they must be made within 15 days following the month in which they are deducted from your pay (this applies to employer piece too). I have not looked up SIMPLE IRAs specifically but it is likely the same since this is a standard timeframe for ERISA plans and ERISA is generally followed even by non-ERISA plans because its rules are "best practices" (they make common sense) in most situations.

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