Does anyone know when we will get our match for this yea?
17 replies (most recent on top)
Also note - the 1% "base contribution" is only if you make less than $75K/year or something
What does this topic have to do with layoffs?
There has always been a discretionary contribution that ranges from 0% to 1% in recent history. But the graybeards say it can be as high as 4%.
The 1% I think is if you make below a certain amount and don’t contribute to your 401k.
If you can’t figure out what the last business day of the year is, then you should find other work.
Yes, the actual text (posted today) for this first part is this: "A new Base Contribution of 1% of certified compensation will be deposited in eligible employees' 401(k) Plan accounts annually, generally on the last business day of the year."
Not sure what that means.
Anyone else see the 11/15/21 Plan Message on the Empower site? Another change as of 1/01/2022…. The 1x Company match will be 1% of certified compensation at year end; with a discretionary contribution, IF AWARDED, in the first quarter of the following year.
not that difficult to find, from teamworks within pay and benefits select 401k plan then under resources click on the summary plan description then the link for 401k plan spd then once the pdf opens go to contents and select matching contributions.
Last business day of the year.
I logged into my 401k today and they've added a notice here to answer this question. You must be employed on the 15th, and the deposit will be on the final business day of the year.
Finding this information on teamworks is not so easy. I searched for various 401k and matching terms and still cannot find the page that tells the date. Where is the info located? Benefits book? Employee handbook? Some other section? What search term actually brings up the reevant result, because all employees know that searching Teamworks is typically a fruitless journey.
When those in charge change the game, such as changing match from quarterly (which was already ridiculous) to yearly, don’t surprised if people ask questions.
12/31
@1vkm+1dOPl9Up good one
I got mine on Nov 1 as well as my teammates. But I heard that those targeted for layoffs later this month have had their match withheld. It’s an early indicator that a package is coming.
Look it up….absolutely ridiculous to me that someone takes the time to ask that question here on the WF layoff blog instead of taking the time to look it up on Teamworks. I bet you are a joy to manage.
December 15th
There’s this oracle of knowledge called Teamworks. It answers any questions you have, if you only ask it