Anyone know what happens to your 401K match if you haven't completed the three year vesting requirement when you're laid off? In other words, will WF let you keep what they have matched after two years but prior to the three year vesting requirement? I realize this only affects newer employees who were hired since they changed the policy.
11 replies (most recent on top)
Is it "scary"? You, highly compensated cog, are the one that continues to work here fully aware that you're throwing away thousands / year in order to do so. 😂 If it's chump change to you, then stop crying about it. If it's a lot of money to you, why are you here? Talk about outing yourself, ha.
You just outed yourself as having a low salary. Those of us paid well do miss out on thousands in compounding.
Scary that you work at a bank and basic math is so challenging for you.
@1upw+1qFDh8NR
You don't have access to the guaranteed 100% annual gain fund?
Also, markets only go up consistently every month.
@1oiv+1qFDh8NR “ That means someone could start December 16th, 2023 wait a year, and then wait another year before the 401K matching starts.”
If only there was some way a new hire could find out this information prior to accepting a position here so they could make an informed, adult decision about their life.
Oh wait, THERE IS! More gaslighting. This board is full of victims. That has to be a lot of energy expended being so pessimistic. Must be exhausting.
@1mmn+1qFDh8NR “ thousands $$$ lost per year”
So much gaslighting and unintelligence in your post. Exactly which investment vehicle in the Empower portfolio causes anyone to lose “thousands” per year due to lost opportunity of compounding on the paltry 6% match?
That’s right, NONE.
Be disgruntled about a yearly match but be factual. Learn basic maths at least.
Many companies contribute a match on a per-pay period basis, but Wells Fargo does theirs yearly, after one year of service, on December 15th or so. That means someone could start December 16th, 2023 wait a year, and then wait another year before the 401K matching starts. That is not employee-friendly.
All these things seem right, but I thought/remember, My vesting was 4 years.......
Hmmmmmmmm............... started 1993...... someone correct me, or not.... I don't care that was 30 years ago
One of the cheapest companies ever:
- Only matches ONCE at end of year, so NO compounding (thousands $$$ lost per year).
- 401k doesn't vest for 3 YEARS
Tell me WF sücks w/o telling me WF sücks.
Safe to assume this regime will do whatever lines their pockets
When did they change the policy? Waiting 3 yrs to vest su-ks.
(I have longer tenure, so not up to speed on this change to 401k).
I bet this information is laid out in the Employee Handbook.