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Can I refuse to participate in a profit sharing 401k and forbid any employer contribution under my social security number?
Some companies have what is called "Automatic enrollment." Basically, with in so many days of your hire date they automatically enroll you into the 401k plan and place you in a default investment. You have the option to opt out of the automatic enrollment but, you do not have the option to "forbid" an employer to enroll you. Typically, if you're automatically enrolled and you neglect to opt out, You are not able to withdrawal the funds in the account until you're 59 1/2 years old or terminated. Keep in mind that some companies do automatic enrollment annually and just because you opt out once does not mean that's final. They're required to send you notification in the mail to make you aware of the automatic enrollment, so be sure not to through anything away without reading it.
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Yes, they can ask whatever they want. However, unless the job requires a background check for which such information is necessary, I would wait until you're actually hir…ed before providing that information if you're unsure if the company is legitimate. Now, if it's a job at a huge company like McDonald's or Blockbuster or IBM or something like that, they're probably not looking to commit identity fraud or do anything else unseemly. But, if it's a small company that you've never heard of or a single employer, the job does not require a background check, you haven't been told that you've been hired and the prospective employer still asks for this info, it's a little odd. Also, never provide such info to a prospective employer online. I've seen prospective employers via websites like Monster and Hotjobs reply to applicants stating that the job requires a background check and that they can't proceed with your application until you fill out lengthy application forms that include things like your SS#, credit background, etc. Never provide personal information like that via email to a person you've never seen or spoken to.
Can you roll over your 401k plan with your current employer to an IRA and discontinue participation in the 401k?
No, you cannot. You cannot transfer a 401k balance from your current employer to any other plan. Obviously, you can discontinue participation in the 401k and make contribution…s to a new or existing IRA in your name. But you cannot transfer the balance elsewhere. Unless however you are over the age of 59 1/2, in wich you would have access to the balance in your 401k plan, and would be eligible to roll it over.
That depends on what you mean by making someone participate. 401(k) plans are a special kind of profit sharing plan. From the perspective of the IRS, once an employee is eligi…ble for a profit sharing plan, and has passed the plan entry date, that person is a participant in the plan even if no money is ever deposited for the individual. Many employers have automatic enrollment plans that require an employee to take action if they don't want to participate. Employees who ignore the enrollment materials, or forget about the information provided, may feel as though they were forced to participate. When an employee chooses not to respond, he or she has essentially elected to participate at the default rate chosen by the employer.
They have no affect.
The fine is up to 15 years in prison, and up to 250,000 dollars fine. You may think it is simple and not really such a bad thing to do, coming to America and using a random SS… number to get a job somewhere, but if you are caught, it is seen as identity theft, fraud, and however else the judge will see it. It is best to get it done legally, a work visa, a student visa person can ask their school for a temporary work permit, or fall in love and get married and then get your green card and permit to work. DON'T take the risk of becoming a hardened criminal, because all that hard earned money you make at your new job might just be taken away from you and you will still end up oweing more for the rest of your life...or go rent free..in jail. Good luck and please do the right thing. C.H.
Answer From your social, your birth date, and your address. Answer Depends on the position if its for security clearance for example they use al…l information. Same thing with drivers they'll use your drivers license #. All depends on the position.
No. An employer can use a driver's license number as well. It is easier with a SS#, but it can be acquired with the driver's license too. (At least in the USA.)
My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned inco…me.
Locating a Person's Place of Employment Using an SSN Individuals cannot access such information. Persons or creditors can only obtain the information by use of the disc…overy process after a judgment has been entered against the debtor. There is only one exception to the above, although for personal use would be illegal. Any IRS or State Tax Agent with database access can locate an individual in a small manner of computer moves. This is how they show up at your workplace when you don't know they're coming. For a regular guy, find out where they live and ask a neighbor, or have them followed to work by an Investigator.
Yes, they are separate and unconnected programs.
\n. \n Answer \n. \nThis is illegal unless it is to do with creditors, etc.!\n. \n . \n No.\n. \nSocial Security numbers/records, are protected by US federal law.\n…. \nCreditors and other persons have access to SS numbers because the individual supplies them at the time of application. The creditor does not have access to the individuals employment history through the SSA nor do private individuals.\n. \nCertain exceptions are made for governmental agencies (IRS, USCIS, etc.) and for standing orders of child support being enforced by a state or federal agency.
I would like to know if by using your social security number can you find your employment history?
In Business Law
You would need to immediately inform the police and the social security office. This person can seriously complicate you life. You may end up being liable for debts and ta…xes that are not your fault.
What should you do when your employer has not put your 401k contributions into your 401K account for over 10 months and rumor has it he is using employees 401k for payroll?
Not being an expert I would first contact the Plan Administrators (where the account is held) and seek advice. If they are no help try your states Dept of Banking and Insuranc…e, State IRS if necessary and begin looking for work elsewhere, Good Luck