i am so confused by this, is all 401k vested after 3 years of working at bny and then each year is vested end of year or after 3 years only my first year is vested?
this sh-t is so confusing.
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It is not WAGE THEFT. In fact, it is not WAGES at all. They do not hold back Social Security on that or Medicare on that.
It is a MATCH for your VOLUNTARY contribution. And there is NO law that says a firm has to match where as there are laws (min wage specified) that does give you the right to get compensated for the work you do.
You MUST have negotiated this clause when you signed up (a contract) on paper when you accepted and gleefully signed those papers. No one forced you to do it and it is not deceitful either.
Say you make 150k and you contribute FULL 401k (23k) ) and your match even if it is TRUE MATCH is 150 * 5 = 7500. Even if they lay off 1000 folks at that salary - 7500 * 1000 = 7.5 million as expense item.
That is not a big number for 1000 highly compensated employees. Do your math.. And laying off 1000 is a large cut in work force.
The EC is not going to care about 7.5 Million. It is a small line item in their balance sheet.
So, I got "laid off" end of Sept 2023. They ripped me off for matching? Is this illegal?
If you are laid off after 80% vested (or near, or more than 80%), this needs the attention of a regulatory agency, the NYT and local, national politicians.
And anyone (Blackrock), lecturing young and middle aged strugglers about the US retirement crisis.
It is VITAL that it is widely known that employees constantly are fired right before they become vested (some, pathetically, weeks before) so the company avoids paying it.
Interestingly, BNYM is petrified of this getting out. They know it is unethical and evil. They 100% know. This is why you were likely threatened, rushed and gaslit by HR when thrown out, but not before being forced to sign a ridiculously lopsided agreement under economic duress - the specialty of BNYM HR. This is all over Reddit and other forums which cite devastated, powerless, depressed, traumatized and horrified former employees of BNYM. That is what this happens when you sh----n employees and take their benefits, expected and earned wages by ambush.
Also, it's WAGE THEFT. Period.
Again, for emphasis:
W.A.G.E. T.H.E.F.T
What’s interesting is that I’m not yet at 3 years, but the Voya website says I’m 100% vested and the amount includes my contributions and the company’s, so Voya is wrong, so it’s no wonder why people would be confused despite reading the policy.
Just try not to get laid off in the meantime!
Your 401k is considered fully vested on the first day after your 3-year tenure here.
But any matchings after that will be deposited in your account in the following year, assuming you're still with the firm as of October 31st of the preceding year.
I always recommend asking Internet Randos and picking the best answer rather than reading the policy.
So if I go into year 4 is it fully vested end of that year?
@OP, the money the company gives you from the company's piggybank, gets put into a special piggybank for you which they keep for you for 3 years, which you cannot touch. After you pass 3 years working, that special piggybank with the money in it for you, gets put in your name, so it becomes your money. You're welcome.
You need to work there 3 years then you are fully vested so you can take all your money as you leave including matching. However, if you leave before the 3 years then you don’t get any of the matched amount but you can get back what you put in.
3yrs then fully vested. Read the policy.