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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.

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Attorney answers 2


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.

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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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