Anyone who was RIF'd receive company 401k matching? The Aero Severance Plan promises full employer match irrespective of your seniority with the company IF you were affected by "reduction in force" action. Checked with 3rd party 401k administrator but was told that they had no info related to my inquiry and would submit a ticket.
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I would gladly trade 401 match for a VRIF parole
Clarification - you will NOT receive company 401K match if you are NOT an "Active" employee on December 15. If you are receiving severance you are not an "Active" employee. As someone stated above "Vesting" is not the same thing as the "Match." Vesting is what we as employees own. Many of us long tenured employees are fully vested.
I referenced Aerospace since there are several divisions as part of the Honeywell conglomerate and I wanted to be clear on the specific severance plan. I don't recall the exact name of the document.
I reached out to the HR hotline and received confirmation on the matter related to 401(k)/savings plan. It has been confirmed that "immediate vesting" is granted in any of of the following circumstances:
• Reaching age 65 while still an active employee.
• Death or permanent disability
• A reduction in the workforce or layoff
• Retirement
Also, the Exhibit A, Summary of Benefits for Exiting Employees document, section Honeywell Savings Plan does specify employer match as it relates to RIF.
I currently work for Honeywell. I just checked the policies. There is no such policy as the "Aero Severance Policy." There is a severance policy for U.S.-based employees, but that policy does not mention the 401(k) plan. In fact (I did a search on the Global Policy Manual), there is no policy that mentions to the 401(k) plan. There is, however, a Summary Description Document for the 401(k) plan, and, as others have mentioned, to get the yearly 401(k) match you either have to be employed through December 15th, or if your separation from the company was earlier, it must be due to your death or disability for you (or you beneficiaries) to get the match. Also, as stated by others, the match is completely different from vesting. So, the answer to the question of whether you get the matching funds if you get RIF'd (anytime before December 15th) is "no", you don't get matching funds.
Don’t confuse vesting with the company match. They’re two different things.
As I understood the “policy” in order to qualify for the match, you have to be a valid employee on December 15th do that year. The reason you are not valid is moot.
You don't get the match for the year you were laid off unless the layoff happens in the last 2 weeks of December. I'm not sure how it works for employees with very short time and maybe have a non-vested match payment.
Your match was used as a payoff to the big funds invested in the dji. Raising dividend was only way to keep them from complaining that a declining business outlook company was rotated into dow.
It's written in the Severance Plan that the employer contribution would be fully vested when you're RIF'd even if you worked under 3 years and was RIF'd before to Dec 15th. Maybe someone in HR/Legal can clarify since we know you're monitoring these posts.
My understanding is that your lose the match because you were RIFed. It would not make sense for them not to screw you out of $.
There has been no matching funds paid to any 401K HON plan. You have to be employed on Dec 15th of each year to recieve the prior year match. If you were RIF'd earlier in the year you are out of luck. Once RIF'd you also no longer can contribute to the 401K plan. Not to worry, I doubt HON will be doing any matching to the plan for sometime.