What is my 401k entitlement?

Question

Should I receive employers 401 k matching contribution for 2006, If I contributed during that period, but no longer work there.

Answer 1

Employers generally vest their contribution to your 401k. They do this to encourage employees to stay, and they are within their rights to do it. Vesting is usually x%/year, usually over 5 years.

So, if you weren't there very long, I can see you not getting the money. Talk to the HR department about what the vesting is, and whether you should get the money.

Answer 2

Your former employer has a policy regarding 401k matches - contact the HR department and get a copy of the policy.

If they're like most companies, they'll let you know how much company match is accruing per paycheck. However, usually this amount does not vest immediately; they usually require that you must still be employed with the company in order for the amount to vest. There's no legal requirement that they do otherwise - after all, this amount is provided to you at the company's discretion, and matching amounts vary from company to company. But at least you have the amount you contributed. Good luck on the next job - get a copy of their policy early on so that you're not surprised later.

Answer 3

depends on the plan. If it's a typical plan with just a matchign contribution then likely you have to have been employed as of 12/31. If you terminated after that fact then you will still receive the match.

If the plan is a safe harbor plan with a matching contribution then your receive the match no matter when you terminate.

Each plan is different...check out your summary plan description and it will tell you for sure.

Answer 4

It depends on how long you were employed and eligible to vest in the program. The company's HR department will be able to tell you.

Answer 5

i'm pretty sure you have to finish the year in order to get the employer contrabution