Thread regarding U.S. Bank layoffs

As other have said, yes 4% match once a year. But there is also a Pension program that is generous and depends on your hire date.

It can actually advantagious for lower earning employees to have the match at the end. If employees stop contribution certain periods and contribute when they can, it makes matching more complicated. I worked at a company that matched every pay period and if you didn't contribute at least 6% every period you didn't get the full match.

Yes, once a year match—so we miss out on all the investment advantages of dollar cost averaging. For firms that pride themselves on providing financial advice, it is especially ridiculous to try to justify the lump sum match. Clearly it is to the employers benefit to delay/defer these matches.

Oops I'm the guy that just posted above about usb being 4%. Forgot to mention that yes we are once a year and it's paid in January, I believe close to the end of the month.

It's 4% here at USB. At least the explanation you got while it sucks seems more honest... I remember when this topic would come up on the employee message boards and the generic USB response was that it's an administrative issue and it would be way too hard to process a match every paycheck.

This matching policy is not an industry standard. It's more of doing what is best for the bank and not what is best for employees. Working for this bank get worse daily.

Thanks for the responses, much appreciated.

There's a 3 year vesting period in the 401k program. If you leave after you're vested, and you keep the account open, the 4% match will be posted in late January. Based on OP's story, It sounds like the Mellon CEO is a certified a-ho-e. Totally understandable why the trust in the management team is low.

It is paid once yearly in January. Typically one of the last business days of the year. Where it differs is that I believe you remain eligible for the match whether you are an employee or not, but I'd have to read the plan documents to confirm. So that match would be placed with your account, forwarded as a rollover, or sent to you as a check depending on what you did with the funds at the end of your employment. Our match is 4% of salary. Sounds low, but we also have a pension type of yearly contribution. I can't speak to that clearly as there may be different rules to this depending on what was in place when you joined the company.