I worked for Wells Fargo for 4-1/2 years. I had a 401K that was to vest in 5/2007. They laid me off 6 months before that and thus kept the 401K. I would like to know if there is anything I can do. I think companies deliberately lay off employees at the bottom of the totem pole and there's nothing a person can do, after being loyal all those years.
2007-03-21 20:58:01 · 2 answers · asked by Irene L 1 in Business & Finance ➔ Careers & Employment
I would contact the labor board. I am sure that they can advise you as to your rights.
2007-03-21 21:05:09 · answer #1 · answered by PEGGY S 7 · 0⤊ 0⤋
If it were two weeks before vesting, maybe...but you'd have a hard time proving adverse impact 6 months out. Most 401(k)s are structured so that the employee always receives the value of their own contributions. The company match is what is forfeited if you leave prior to the vesting period - so a court will say, well, that wasn't "earned" yet anyway so you didn't sustain a loss.
It is true that many companies do use seniority as the basis for layoffs since it is one of the safest (less open to litigation) methods to use. Laying off everyone who has been there less than x time frame is a lot less troublesome than making selections that could (deliberatly or by accident) appear to be based on age, race, gender, or a whole lot of other factors that scream "lawsuit."
2007-03-22 04:25:44 · answer #2 · answered by Mel 6 · 0⤊ 0⤋