Tacoma, WA asked in Banking and Employment Law for Washington

Q: I worked 10years in retail in CA I had payroll to take 3%out of my check for the first 3 years from 2005-2008and afterth

That I had them take out $100 every payday andcthe company was supposed to match dollar for dollar whatever I put into my retirement now when I got fired after 10 years I worked for 2005-2015 at the end I believe I should have more than $20,000 in my retirement account? And I wanted to know what happened to$150,000 life insurance policy I paid into for10yrs? HR said I paid into a work group so I don't get nothing backed but $20,000 which is what they gave me through the finance company who says now all these years they lost all my stocks and bond's they sent me a report of my Ira account owing me$1.00 after I took outmy first$20,000

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1 Lawyer Answer
James L. Arrasmith
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  • Business Law Lawyer
  • Sacramento, CA

A: It sounds like there might have been some miscommunication or misunderstanding regarding your retirement savings and life insurance policy. Firstly, for the retirement account, you should request a detailed statement from the beginning of your contributions to the present. This will help clarify how much you contributed, how much your employer matched, and any gains or losses your investments might have experienced.

Regarding the life insurance policy, typically, term life insurance provided through an employer does not have a cash value or return unless a claim is made in the event of the policyholder's death during the term of coverage. It's essential to understand the type of policy you had and the terms associated with it. If it was a group term life insurance, it's true that these usually don't provide a payout at the end of the term or upon leaving the job.

If you feel there are discrepancies or if information is missing, you might want to follow up with your former employer's HR department for clarification. Additionally, contacting the financial institution handling your IRA and asking for a thorough explanation and documentation regarding your investments can provide clarity. If things still don't add up, seeking advice from a professional in employment or retirement benefits might be beneficial. They can help you understand your rights and guide you through the process of rectifying any issues.

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