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The Boston Globe


Waiting periods can be costly for workers

Many companies impose waiting periods of six months or more to join 401(k) plans — and those delays can end up costing workers tens of thousands of dollars in retirement savings.

At 33 years old, Nimesh Trivedi owns a home and is saving money with his wife for their children’s education. But investing for retirement had not been a priority.

That changed when Trivedi recently took a job at Massachusetts Mutual Life Insurance Co. in Springfield, where colleagues encouraged him to join the company’s 401(k) retirement plan right away. Trivedi’s last employer had a waiting period to join the retirement program, and eventually he just forgot about it.

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