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<blockquote data-quote="JonFrum" data-source="post: 1002807" data-attributes="member: 18044"><p>Congress passed a law a few years ago requiring companies to automatically enroll New Hires in their 401(k), at a low contribution rate. This is to encourage saving for retirement. To prevent this well-intentioned law from being <u>too</u> heavy-handed, they allow you to cancel the deductions any time you want.</p><p></p><p>From the 401(k) Plan's Summary Plan Description (SPD):</p><p><span style="font-family: 'Times New Roman'"><p style="text-align: left">The following changes are effective on April 1, 2009:Full-time employees hired, rehired or transferred to an eligible job position on or after April 1, 2009 will be automatically enrolled 90 days after their employment/transfer date at a two percent pre-tax deferral rate. The pre-tax deferral rate will be increased by one percent each year until it reaches 6 percent. The contributions will be invested in the age appropriate Bright Horizon Fund. Eligible employees may actively enroll in the Plan at any time prior to being automatically enrolled. They may also decline enrollment at any time by calling 1-800-537-0189.</p><p></span></p></blockquote><p></p>
[QUOTE="JonFrum, post: 1002807, member: 18044"] Congress passed a law a few years ago requiring companies to automatically enroll New Hires in their 401(k), at a low contribution rate. This is to encourage saving for retirement. To prevent this well-intentioned law from being [U]too[/U] heavy-handed, they allow you to cancel the deductions any time you want. From the 401(k) Plan's Summary Plan Description (SPD): [FONT=Times New Roman][LEFT]The following changes are effective on April 1, 2009:Full-time employees hired, rehired or transferred to an eligible job position on or after April 1, 2009 will be automatically enrolled 90 days after their employment/transfer date at a two percent pre-tax deferral rate. The pre-tax deferral rate will be increased by one percent each year until it reaches 6 percent. The contributions will be invested in the age appropriate Bright Horizon Fund. Eligible employees may actively enroll in the Plan at any time prior to being automatically enrolled. They may also decline enrollment at any time by calling 1-800-537-0189.[/LEFT][/FONT] [/QUOTE]
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