[Andrew]

I need a little help. I got a job with ATT (a pretty good one) and we have a 401k and are able to invest in ATT stock and they match 6%.

The app they told me to use is NetBenefits which is through Fidelity. I’ve set that up and I THOUGHT I had my contributions set up.

Looks like I haven’t linked my bank account but do I have to do that? I thought the contributions came out of my check before it hits my bank account.

I’m probably horribly mistaken lol.

[Christopher]

Link your bank account only if you need to take withdrawals from it.

I still haven’t linked mine (employer 401k from 2010), and I retired in 2019 but haven’t taken any distributions from it yet.

[Rick]

Your bank account linked or not should have nothing to do with your 401k contributions.

NetBenefits app is like normal fidelity app but 10-15 versions ago. Simplified yes but not much in the way of features.

But that is good news for your need as NetBenefits is not so flustered with info and options that you cannot quickly find the contributions section. Find it. Click or tap on it.

Verify the %s at what you want (I say plural %s as NetBenefits usually give you pretax, Roth, post tax, and again for bonus/incentive pay IF your company plan offers that).

Changes including initial selection can take 1 pay cycle before they hit your paycheck as desired.

2 pay cycles can happen but that is usually a sign your payroll dept is bad/slow/understaffed.

I expect ATT is 1 pay cycle.

[Vincent]

I think your guess is correct. I had a NetBenefits account and Fidelity never knew about any other accounts.

The funds were coming in from payroll deferrals. Disclaimer: The final word about your employer plan is your employer.

The company doing plan administration (Fidelity in this case) is only following the plan.

[Ken]

Spent 24 years at T, great career! Net benefits should show your contribution percentage but it will take a pay cycle or two.

You shouldn’t need to link your bank account now, you’re correct that it goes directly from AT&T payroll to Fidelity.

Enjoy the ride!

[Author]

Posts