Our company matches up to 5% on 401k, but for whatever reason they feel obligated to take my money into their unqualified hands. They are auto-enrolling everyone in 5% contributions, and gradually increasing it up to 10% (which they wont match more than the 5% of). Is this legal/normal? I have to manually go in and change my contribution to prevent them from going above 5%.
Our company matches up to 5% on 401k, but for whatever reason they feel obligated to take my money into their unqualified hands. They are auto-enrolling everyone in 5% contributions, and gradually increasing it up to 10% (which they wont match more than the 5% of). Is this legal/normal? I have to manually go in and change my contribution to prevent them from going above 5%.