Must be here at the end of the year now to receive 401K match after this year to receive the lowly match instead of working 1000 hours.
No increase in match, just another penny pinching measure.
They just want us to quit.
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Every company I have ever worked for did the 401K match once a year, not in each paycheck.
This policy is becoming standard for all companies.
Not matching with each paycheck is definitely an outlier here. So much gains in stocks and bonds lost over the year.
Every other company I worked for matched with each paycheck. Only company I have seen do this.
What happens if you retire mid-year?
No, you need to be here until 12/31/24 to get match in Jan for 2024 and same for each year going forward, if you quit before 12/31… you won’t get the match, however, if you laid off anytime before 12/31, they will pay you your match up to your last day with the back.
"They just want us to quit."
Your move...
It was an email that was sent out today early in the morning which mentioned the plan move to Fidelity.
Where do you see this change to end of year? This is news to me and was not highlighted in the docs.
Another cheap cut at expense of employees
Why did they move away from the safe harbor 401k plan? Does anyone think that USB can pass Non Discrimination Testing? I feel like they got rid of the safe harbor plan so they do not have to contribute a minimum amount on behalf of employees. Knowing that the lower paid employees may not be likely to contribute to the plan unless the company contributed off the top means USB saves money since in a non safe harbor plan you do not have to do minimum contributions.
Also you now have to be employed on the last business day of the year of 2025 to get the match is yet another penny pinching attempt at savings. They already do not match throughout the year so employees miss out on stock market gains during the year. It's a bad sign for the company that they are taking this route.
Let me clarify. Currently, if you were to leave now, you would get the match in January because you have worked 1000 hours.
Under the new plan, unless you are here on the last day of 2025, you WILL NOT get the match
To the poster that said there is nothing new, you are wrong.
The match for the prior year is always paid in January, this is nothing new.
Please confirm, if you left in 2024 you will get the match. but if you leave in 2025 you will not get the match?