According to Ford policy, all company contribution to your 401k will only be vested after 3 years. I only worked for Ford barely two years. I was impacted last week. Will I get any company 401k match vested? Feel bad to lose my job. Feel worse if I won't get 401k match back. It is Ford who terminated my employment before 3 years!
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Did you request HR/NESC before they sent you an email? I'm wondering if I should ask Ford HR. Because I'm two month shy of 2 years.
I got an email from NESC saying they were going to honor my 401k match and vest the match as long as I accept the CTP (Career Transition Program package). I was laid off ~5 months shy of 3 years. So it is possible, but my guess is that it is highly unlikely unless you're really close like I was.
Most companies' policies are one year service vests 25%, 2 year vests 50%, and 4 year fully vested. When I was hired almost two years ago. I was sold that if I leave Ford by my choice before 3 year anniversary. I won't get anything. But if it's company's choice. I will get something. This is why I'm shocked.
Ford sticks to the letter of their policies. It would. Be nice if they did things me fair. 2 weeks per year of service up to 9 months, 1 month minimum. Full vesting since it wasn't the employee's choice. But no.
Policy says A, and it saves Ford a dime, then we are sticking to it.
Other companies accelerate vesting in the event of a layoff. Ford does not. And we give the least severance pay for those under 5 years of experience.
Near pension or under three years, that’s the current list for termination, not layoff.
Cost reduction at the expense of people’s lives, other than ours.
The Ford family way.
You won't get the matching contribution portion since it doesn't vest until your 3 yr anniversary, but the rest is yours. Doesn't seem very fair, but it's written policy and it certainly would end up costing you more in legal fees than the amount even if you were to throw a lawyer at it and unexpectedly win.
I wouldn't be surprised if you didn't get anything.