[WI] Company withholding too much for 401k and not putting the money in 401k
Hi, I'm hoping someone can help with some insight on this. I like to complete most or all of my 401k early in the year so I can then save up for next year's Roth and enjoy some extra money the rest of the year.
On May 1, which was a payday, I adjusted my 401k contribution from 50% to 6%. While the fine print says to allow 1-2 pay periods for this to take effect, I've never seen it take that long at this company in 4 years.
Shortly after that, we received an email that our company is switching payroll providers and there would be a lockdown on any changes starting June 1, but I didn't worry since I already made my change May 1.
May 15 paycheck was still taking 50% out of my paycheck for my 401k. Technically within the fine print of 1-2 pay periods, so I let it go.
May 29 paycheck was STILL at 50%. Not cool. I called the 401k provider and was told my company has not deposited anything in my 401k since April 22. So for 2 paychecks, they've been taking 50% when they should have been taking 6%, and they're not even putting it in my 401k!
I asked HR for an accounting of where that money is going and to confirm my next check will be correct, and they were very dismissive. I checked with coworkers, and while no one had made a change to their withholding percentage, they did all find that the company hadn't deposited in their 401k's since April 22.
Is there any way to fight this? If the company over-withholds one more paycheck, I'll be in a tax mess for over-contributing to my 401k for the year. What can I do if that happens??