Technical question for 401k and last paycheck.

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Technical question for 401k and last paycheck.

For an employee who has a connecting 401k, are we obligated to pay the 401k for the remaining vacation / PTO time he or she worked or just the regular / working hours? The software pays him for 401k vacation when it is an 80 hour pay period, like 72 regular hours and 8 vacations. Thank you

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This thread was originally published on 2021-02-26 13:57:26.

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3 thoughts on “Technical question for 401k and last paycheck.”

  1. you need to check with the person in charge of your 401k plan and look at the definition of compensation in your 401k plan document. Ours does include vacation payouts, but it is possible that “post employment compensation” is excluded and this payout might fall under that. Do you have a third party admin (TPA)? They should be able to help you with this, but I am surprised this is the first time it is occurring since CA is a pay out at termination state.

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  2. Your plan document should specify what constitutes plan wages. If your plan does not exclude vacation payout then I would say you should treat it like normal income if you would normally match vacation pay for an active employee just using their vacation. So in other words err on the side of the employee unless the plan document says payouts aren’t to be matched. You don’t want to be getting an angry letter from a lawyer about why you didn’t match. If the powers-that-be at your company don’t want to match vacation payout, then amend the plan document.

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  3. Our policy states that we do not match vacation payouts, bonuses or overloads. So no, if it is in your policy that you don’t you shouldn’t be doing it.

    I think ours comes straight from our 403b manager.

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