How long does one have to be at COP to keep the companies invested portion of the 401k. I am still in college and currently interviewing for a role here.
I've heard it is 3 years but also 5 years? Which is it for full time?
Thank you in advance, I was too shy to ask the recruiter.
@OP You are literally holding a smart phone in your hand that holds the answer. The Summary Plan Description (SPD) of almost every 401(k) plan is readily and openly available on the internet, COP included.
@vp If conoco did their job in proper onboarding while hiring people, there wouldn't be this much damn confusion but i digress
@xq there's also a separate 6% retirement contribution that shouldn't be forgotten in this conversation.
@wc Apparently none of you read. The match is 6%. You put in 1, you get 6, every pay period. Simple IQ test. The variable contribution is 0-6% and is deposited 2x a year based on market conditions.
@vp but even what you're stating is wrong. The 401k match is separate from what you're talking about, which is actually a range of 6-12%. COP has been paying 9% but as stated the discretionary can be up to 12%. Again, this is all on top of the 401k mafch. It does ultimately all go to the same accoun,t which may aid in your confusion. Look closer at the deposits.
The person saying three years for 401K match vesting is completely wrong.
The match is applied on 2x per year. Once applied, it vests immediately. The match is minimum 6% and maximum 9% of salary.
Most employees don't understand their benefits and on top of that many people post here who don't work at COP. Immediate vesting has been the policy for 20+ years at COP.
Check https://hr.conocophillips.com/. I don't work in HR but know that there is a huge amount of misinformation here.
You should have asked the recruiter. Being "too shy" doesn't bode well for you being identified as a strong candidate. Best of luck in your future endeavors.
Different programs vest differently. There’s the company match/discretionary contribution that vests instantly, the company retirement contribution that vests after 3 years, and restricted stock that is also 3.
401k related contributions/matches vest right away no wait time. Restricted stock awards 3 years. Also common with many companies
@a1 Thank you!
3, pretty standard across all companies