Is it true that we won't get paid our Allstate 401k match if our jobs were eliminated before Dec. 31st, 2020?
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No. That’s untrue. It will be put into your 401K in Feb/March
Someone’s rattled. You probably were the one in charge of writing them.
The documents are correct. You just don’t understand them.
I looked at my paperwork and if Allstate could get its communication right maybe people wouldn’t be confused. In the normal severance plan document it states you have to be vested for three years; AND have 20 years of contributions; AND be of retirement age. But then you have the workplace one page transition benefits document saying you only have to be vested for three years. On top of it, no one has any clue when my final paycheck will be. I haven’t been paid for the my last week or few days into the week. But was paid for my PTO. Should’ve received another paycheck today but didn’t. Bills are piling up and I’m going to get hit with high interest rates since I had to buy toys for Christmas on a credit card hoping Allstate would at least have the decency to pay me what I’m owed.
Allstate does not always pay severance. I know of 3 specific rounds of layoffs in my particular campus in the last 15 years where severance was not paid out. Severance is more often paid than not but it has not been paid in the case of all lay offs.
All these responses are incorrect. Call the company and you will get the right answer or read the Enhanced Benefit document provided to you at time of notice. Company match is paid for employees impacted “if” you have been contributing required amount to qualify for match for 3 years. (Normally have to be retirement eligible if terminated before 12/31 to receive match).
It's true. If you read the 401k guide online, you have to work until 12/31 and then you get the 401k match in February
Not sure where you get your information. Been with the company 30 years and Allstate has always paid severance no matter the number. That is one thing they’ve gotten right.
This is completely false. Read your package information. It states company will match 401k for eliminated souls up to 12/31/2020. After that there is no guarantee of severance, 401k match, or anything else we received in 2020 for 2021 layoffs yet in place. This will likely be done depending on level of lay offs for the new year. Typically Allstate does not pay severance, other benefits, or give the 60 day notice if total lay offs for a session is under 2000.