If one leaves in Sep does WF match my contributions till Sep?
12 replies (most recent on top)
You must be employed or within your 60-day notice period on December 15 to get the employer match.
The displacement package explains how this works. You must be an employee on 12/15, so severance doesn't count. There are a few exceptions, the main one being that they will pay the matching if you are 65 or over.
No. Luckily for me I'm still paying off my first homebuyers loan so it get reinvested as if i was contributing. Also, my new job pays out it's match on payday, not the end of year bullsh-t. That is NOT very good in regards to their fiduciary responsibility. I'd expect a lawsuit about that.
Yes and you could maybe even search for it on some kind of internal computer interwebs thing.
What would be cool is if there were some kind of handbook that employees could reference that spells this stuff out.
it would clear up a lot of questions.
@1yzp+1u7USfQJ Read the employee handbook to clarify for yourself instead of believing us a$$hats. 401k section and severance section. You must be EMPLOYED as of 15 Dec to get the match. During your SEVERANCE period you are not considered Employed. During your 60 DAY NOTICE period you ARE considered employed.
If you are within your notice period as of 15 December then you are considered employed and will receive your match on or about the 31st.
Does this mean if the 60-day notice ends in November 2024 but the severance runs through Jan 2025, the person will get the 401K matching from Wells for the entire year? Please clarify as there are conflicting responses.
Post ID: @wds+1u7USfQJ
Thank you for confirming this. I wish people would stop spreading nonsense.
I contacted HR today and they gave me the round about and referred me to Empower
You have to be employed on December 15 to get the match.
If your severance period still goes through December you will get matched as long as you don’t move or transfer out your 401k. I know this first hand. I was told by everyone on this board I would not get it, but I did. Don’t move your 401k until January!
No, you'd need to be here during your 60 day notice period on 12-15.
I don't think so.