QVC Says Investigation Continues

QVC says it continues to investigate alleged irregularities regarding employee 401k hardship withdrawals at its Rocky Mount distribution center.

QVC told WITN Thursday, "As the plan administrator of its 401k plan, QVC is required by the terms of the plan and federal regulations to conduct this investigation to ensure the appropriate operation of the plan and to protect all participants in the plan. We are working with Fidelity Investments, the third-party provider retained by QVC to help administer the 401k plan, to complete this process and anticipate having a resolution in the near future."

QVC says every employee involved in the investigation will have an opportunity to meet with them to discuss the allegations, and all employees who return to work after the investigation will be made whole for any loss of scheduled hours.

Some QVC employees protested Wednesday, saying they were given 48 hours unpaid leave over the hardship withdrawals which they claim they provided the proper documentation for.QVC says it continues to investigate alleged irregularities regarding employee 401k hardship withdrawals at its Rocky Mount distribution center.

QVC told WITN Thursday, "As the plan administrator of its 401k plan, QVC is required by the terms of the plan and federal regulations to conduct this investigation to ensure the appropriate operation of the plan and to protect all participants in the plan. We are working with Fidelity Investments, the third-party provider retained by QVC to help administer the 401k plan, to complete this process and anticipate having a resolution in the near future."

QVC says every employee involved in the investigation will have an opportunity to meet with them to discuss the allegations, and all employees who return to work after the investigation will be made whole for any loss of scheduled hours.

Some QVC employees protested Wednesday, saying they were given 48 hours unpaid leave over the hardship withdrawals which they claim they provided the proper documentation for.


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  • by res1 on Aug 11, 2009 at 09:47 AM
    These employees are being accused of submitting fraudulent paperwork to get money out of their 401k's tax free. It's tax fraud (among other things), and against the terms of their 401K plan, which is matched by their employer. The fraud seems to be far reaching because one employee found a way to cheat and was paid by other employees to create fraudulent paperwork. If they're innocent, they simply provide the correct documentation, collect their check for their time suspended, and get back to work. If they don't have honest backup, they have to suffer the consequences. Fraud is fraud, you know the terms of the 401k plan when you sign up to use it. It's a benefit provided by an employer that you contribute to. It doesn't give employees the right to lie, cheat, and steal.
  • by HELP ON THE WAY Location: TEMPLE HILL MD on Aug 11, 2009 at 09:18 AM
    TO ALL OF QVC EMPLOYEE LISTEN CLOSELY, FIRST OF ALL WHAT COMPANY DOES YOUR 401K PLAN WORK UNDER. EACH AND EVERY EMPLOYEE SHOULD STILL BE AT WORK THAT COMPANY IS THE ONE WHO SHOULD LET WHOEVER MADE THE TRANSACTION BE OUT OF WORK WITHOUT PAY. PLEASE DONT LET THIS COMPANY GET OVER ON YALL. THIS BATTLE IS BETWEEN QVC AND WHOEVER HOLD YALL 401K. BEFORE YOU CAN GET A HARDSHIP LOAN FROM YOUR 401K BELIEVE ME YOUR GOT TO HAVE YOUR DOCUMENT ATTACH ALONG WITH YOUR PAPERS. SO HOW IN THE WORLD DID 200 EMPLOYEE GET OVER ON THIS COMPANY PLEASE. THIS IS A FEDERAL OFFEND SO PLEASE KNOW YOUR RIGHTS DONT JUST SETTLE FOR THEIR WORD.
  • by Tee Location: Greenville on Aug 7, 2009 at 02:26 PM
    What kind of foolishness is this. I have never heard such a thing. How do you suspend employees for getting there own money out of 401K. And besides someone had to ok the transactions. You ususally have to provide some sort of proof that you have an actual hardship. Sounds fishy to me. What is this company up to?
  • by CONFUSED Location: WILSON on Aug 7, 2009 at 07:18 AM
    OKAY IF THESE MANY EMPLOYEE ARE UNDER INVESTIGATION WHAT IS REALLY GOING ON. DID QVC CUT EMPLOYEE HOURS IF SO I WOULD HAVE DONE THE SAME AS THESE EMPLOYEE DID . HOW DO WE DEFINE HARDSHIP ? HARDSHIP TO ME IS WHEN I DONT HAVE THE MONEY I AM USE TO GETTING DUE TO SHORT OF HOURS. SO WHO CAN DEFINE HARDSHIP FOR THESE EMPLOYEE. MY GOD GIVE THESE EMPLOYEE A BREAK AND LET THEM BACK TO WORK. PLEASE GET A LIFE
  • by James Location: Gates on Aug 7, 2009 at 12:01 AM
    Who hand is in the cookies jar.
  • by BS Detector Location: Jacksonville on Aug 6, 2009 at 08:26 PM
    How is it that these people are being investigated for withdrawls of their own money!? My BS meter just went off the scale!
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