What is Nike policy on retirement vesting schedule? Do you need to work certain amount of time to be able to take that 5% match employer contribution if they let you go?
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😂 @1lwy+1qTlYmpG why people downvoting literally the same advice from every financial advisor ever
For 401k it depends on your contract, it should be fully vested from day 1
For stock, you should always sell when it vests just for the sake of diversifying risk.
As a general rule of thumb, no more than 10-15% of your overall portfolio invested in a single stock
For those that have the “Nike Stock Fund” from your Profit Sharing Plan, it’s comprised of 99.97% Nike Class B shares. Pre JD that was great as it regularly grew, ever since MP stepped aside, that Fund hasn’t kept up with S&P or Large Growth stock. Go into Fidelity and see comparisons.
Nike isn’t a growth stock anymore. It should be, but how can it be with an inadequate Captain at the helm. Since this impacts the Knight family the most, I hope they take their two board votes and make a change.
Yes the match is yours to keep. If you have been around long enough for profit sharing that’s mostly vested by now too. Max out that 401k to reduce your taxes now and collect the match’s it will compound faster with a bigger base. Put in sp 500 fund not some bonds. Your old self will thank you from saving them from eating cat food in retirement.
In the million years I’ve worked at Nike, there’s always been profit sharing. JD became CEO and that has ended. BTW… Have you seen his compensation? Wonder why the culture is down… Well, employee ownership has faded.
Still upset about the removal of profit sharing. Younger people will truly miss this benefit as older generations were able to save more for retirement. Shame.
Okay, let's imagine you have a piggy bank. Your piggy bank has special coins in it, and your parents say that you can only take those special coins with you if you stay with them for some time.
Now, the time you have to stay with them is called the "vesting schedule." It's like a countdown. Each year you stay with them, you get to keep more and more of those special coins.
So, if you stay for a long time, you can take all the special coins with you when you leave. But if you don't stay for the whole time, you might have to leave some of those special coins behind. It's like a special way grown-ups save something extra for you, but you have to wait a bit to take it all with you.
Your 401k should be fully vested—it’s pretty clear in Fidelity.
Yes profit sharing quietly went away during the pandemic and never came back. A real benefit cut even though the company has been quite profitable. Those funds were likely redirected to the top of the pyramid. That vested at a rate of 20 percent per year with full vesting at 5 years. Note this is not 401k match but was incremental to it.
5% matching do not have any impact on when you leave. but profit sharing does. i am sure we never got profit sharing from 2019 onwards till dates.
It’s 5% of your salary so depends on your annual salary by the time they let you go. If you make 100k a year but are let go in June, it would be 5% of the 50k you made for the year.
It goes in with every paycheck the same as your contribution.
Check HR website. I think it’s automatic. With the old profit sharing into 401k it vested fully in 5 years but was taken away a few years ago. Ba----ds!