D-mb question this is my first job out of college and I was hearing my team might be letting some people go in January. Will I lose my company match in 410k?
Should I only count my pre-tax deferrals as the contributions and ignore the company match -3 year vesting.
Almost all firms offer the same tiered vesting to the new entrants. It used to be 5 years and now it is reduced to 3 years almost everywhere - even European banks (operating in US) do the same. Almost everyone does the same type of matching also (50% of first 6%). The Bank does 7%.
You may be pi---d off with the firms matching timing and requirement. But it is not a secret. And it is a sum that you have not yet earned. If you value that much then endure the toxicity. That is the price.
You can take your cr-ppy skills and leave - the bank will not fold. Without any hesitation - I am still employed at BNY - good riddance. Have a good career elsewhere
The continual games that BNYM plays with the 401K match are honestly the only legitimate reason to quit and look elsewhere.
All of the other carping here are the same with whiners in all career track jobs.
As per policy YES one loses the company contribution ( 7 %)
But (as a nicer gesture in the past - may not apply going forward) the company contribution was remitted as part of the SUB for one person I know. In fact that person volunteered to be laid off for personal reasons
Happy Thanksgiving to the handful of remaining real Americans left at BNY. To everyone else, enjoy your paid day off, the American Dream!
Yes you are correct you will not receive the company match if you are not employed past the vesting period. It’s a way to discourage job hopping and it makes it cheaper for firings.
This is not my first job and I also have the same question