Thread regarding Ford layoffs

How does the 401k vesting work?

I am at 2 years and am wondering if I need to su-k it up for how much longer to be able to get it and leave

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| 726 views | | 5 replies (last October 9, 2024) | Reply
Post ID: @OP+1uS6AMv1

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Your contribution is always fully vested. Company contribution has a 3 year vesting period from your date of joining. After the 3 year mark, everything is fully vested and you are free to transfer it to another company's 401k or an IRA if you decide to leave.

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Post ID: @2hub+1uS6AMv1

You can take out 401k money, before 59.5, as long as you've left the money in the plan even if you're not working at Ford, at the time. It will be taxed as ordinary income, not capital gains but there is no 10% penalty.

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Post ID: @2qap+1uS6AMv1

If you are such a smooth brained koala and can’t read the documents that were provided when you got hired or look it up on the internal company website, then you should just go ahead and find your way to the door and try not to injure your backside when the door closes behind you.

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Post ID: @gix+1uS6AMv1

Do you not know how to look up you own benefits rules on the Ford website?

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Post ID: @ovd+1uS6AMv1

This question might be better suited for ChatGPT than an anonymous but accurate rumor site but the answer is that your 401k, and the company's matching contribution, is yours to keep. Spending it, however, is a different question; if you're not retirement age, you'll have to pay penalties and taxes. Best thing to do is either get another job, or su-k it up until you get RIFed and take a severance package (assuming the company remain solvent enough to offer one).

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Post ID: @yxd+1uS6AMv1

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