So, after getting the RIF, if you've been there less than 2 years, you will not be fully vested in the 401K program; if you've been there less than 3 years, you won't see the additional 4% so all that money you thought you were getting according to your Fidelity account is a complete joke.
Your account will show a "forfeiture" for the matched amount. I think some of this RIF mess is to avoid having to match folks' retirement contributions they tout so highly as a "benefit."
In fact, Hellevance will force you to distribute your 401k. That's what happened to myself and others I have spoken to who have been RIF'd. I forget if it's within 30 or 60 days, but you can expect this to happen in very short order, at which point you should immediately roll it into an IRA.
Definitely consult with your financial advisor, but you will likely find that you’ll get a better return on your investment by moving your 401k money over in an IRA.
@fm there is no rush. I left almost three years ago. My current job doesn't fully vest for three years so I am leaving it there until my current job vests
Once you’re vested, it’s yours to do with as you please. You can keep it in the 401k until you decide to pull it out in retirement, but moving it to an IRA often gives you more flexibility and less account management headaches. Stuff like this is where your accountant can advise.
Recently RIF'd. Does anybody know how long we can keep a vested 401K with Elevance after our termination date - Or do we need to quickly rollover the distributions to an IRA (if still unemployed) or withdraw (penalties and taxes) within a certain timeframe? I have looked everywhere that I can think of and cannot find an answer. Thank you and best wishes to everyone.
The vesting after 2 years in a 401k is very common for employers. Just throwing that out there.
@ah DITTO! I hate this company with every fiber of my being too. Thank goodness I will be able to exit in 2026 finally!!!! I feel for those that are years away from retirement.
I hate this company with every fiber of my being but my statement shows I'm fully vested.
I believe you're fully vested after two years even on the match. Unless something changed recently? As soon as I hit my two-year anniversary I showed as fully vested.