This was my first year contributing to a 401k & due to a misunderstanding, will most likely cost me my match - for the rest of the year —Bummer!
I thought my match was just 6% of whatever I contributed, but its actually 6% of my salary on a paycheck-to-paycheck basis. As getting to contribute to a 401k for the first time, I was gung-ho & maxed it out as fast as I could thinking this would just maximize my match too.
In reality, I should have had a lower elective contribution rate & spread it out throughout the entire year so I could maximize this match while maxing out to the $19k limit for 2019. Because I have reached the $19k limit now, I will not be able to contribute to my 401k on future paychecks this year thus not getting the match for the remaining months of 2019.
I will be talking will HR benefits people tomorrow to see if I can do anything to correct this. I’ll check to see if there is a “true up” feature. Other than this, are there any other options to correct this mistake?
Thanks!
P.S. - Pretty sour on how such a silly mistake can cost quite a bit of money, going forward - lesson DEFINITELY learned.