Who cares

Many people who have seen the site seem to think “who cares”. Employees are looking out for their 401k account and want the company to make some sort of match. Well if the company can’t afford to make the mandatory 401k contribution, known as a Top Heavy Contribution, it faces penalties. In order to avoid the penalties, a company can 1) terminate the 401k, 2) lay off employees so they can afford to make the Top Contribution, 3) go out of business, 4) the IRS can close the 401k plan down and make the money taxable. The likelihood that the IRS would close the 401k down, is unlikely. However, it is much better if the company could suspend the 401k top heavy contributions, temporarily, and then repay the 401k top heavy contributions that it owes over the next few years. My suspension idea, gives a company an option to suspend what it owes the 401k until the economy can improve. Please sign the petition at www.401kpetition.com