I’ve seen a few vesting-related posts, and I think mine is the most interesting one. My last day is set as May 31st, and if I work one more day, my 401(k) will be fully vested, based on the 190 hours per month rule, no kidding. it’s really frustrating to lose almost 40% of the contributions just because of one day. I’ve reached out to HR, but it seems like nobody is familiar with this situation. Do you have any suggestions on how I might be able to become fully vested?
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Abby needs that money for Snacks!
If you got severance you get 501 hours towards vesting service hours. If you were due to vest this year in June/July but got laid off and your last day is May 31st you still will vest.
Source: I myself was on the cusp of 5 years of vesting and hunted this info down. Spent a lot of time in the Summary Plan Description. Hope this helps someone.
Batard’s siphoned off my vesting a day before vesting
They will smike empathically and pretend it's coicidental but we know the real real
@bc accelerated vesting for a layoff only applies when there is a merger. The exceptions require a change in control. As noted by others legal would have reviewed the layoff plans before they were implemented.
I think you just gotta take the L here. I would think HR and Legal have already thought through this and it's not a coincidence or accident.
I would talk to a lawyer.
Getting laid off a day before vesting is sketchy and could be illegal.
Mine also vests June 1st, looks like this was timed move by Fidelity to eat employees $$ for its bottom line. Sc-m of sc-m’s
I’m sorry to hear. I’ve no input, but as a fellow impacted, soon to be former employee, I hope this works out somehow for you. I wish you all the best.
@b4 Yes, there is an exception called accelerated vesting that IRS allows in certain layoff situations
HR should be able to answer the question and it seems strange they wouldn’t have considered it in advance.
Unfortunately from a legal standpoint the plan document, which rules the vesting, doesn’t likely allow exceptions even for layoffs. If that is accurate, Fidelity cannot violate the document or they risk disqualifying the entire plan.
Of course that doesn’t mean you cannot or should not attempt to negotiate with them.
Best of luck.
That seems REALLY close and i think it would be worth it to have a lawyer read through your package. Don’t sign anything and tell them you aren’t signing anything until that question is answered. It’s either yes or no, and if they cant answer it then i think you have some leverage here
It’s a super valid question and honestly news headlines would RUN with that type of story. (This is not me advising you to go to the news, but it IS the reason fidelity have you sign contracts to leave)
You don’t have to threaten that of course, it should go without saying if you refuse to sign before getting an answer about the 401k. If they are holding your comp package until u agree to keep your lips sealed — might as well throw this question into negotiation.
Above all, i’m sorry you have to deal with the stress of this part during such a tough time already.