Hi
Until what date do we need to be employed/on payroll in order to qualify for 401k company contribution?
Is it Nov 31st of the current year?
22 replies (most recent on top)
I mean stealing
And steeling 100% of the match if you're laid off before October or quit before EOY.
Delaying the match by 15 mth.
@ohja+1oFIFgu3 - I don't get your comment. I'm no fan of this place by any means, but what has been 'stolen' from the employees regarding the 401k. The returns are pretty much in line with most other types of fund choices from other companies.
401K theft class action lawsuit?
how does this get reported?
Dude Wut?
I can’t imagine a scenario where I would begin to contribute to the BNYM 401K again. It was once a nice plan, gradually changed to poor plan, was steadily cut from there and now has become a mechanism for the Bank to steal money from employees. It’s pretty bad when your employer schemes to steal your personal savings. That’s why I left.
Has anyone middle-aged, laid off after remotely close to 3 years ever gotten their 401K match back by begging, pleading? Incredibly upset about this; feel swindled badly.
@1rqg+1oFIFgu3
Oh it must be yours too! We're synced up!
Anybody who is still participating in the 401K is absolutely being swindled. You need to immediately roll over your 401K to a Vanguard, Schwab or Fidelity Rollover IRA. Management is fighting to raid your 401K savings. Even I f you don’t understand this you need to do it.
People here always talk about class action lawsuits for layoffs, etc. No leg to stand on for that. But the 401K shenanigans actually do merit a class action lawsuit.
10/1 for match
No match if not employed on10/1. Got the last round of layoffs handled by 9/22. Great work there.
@kdq, what are you talking about??? You should try a little midol.
There's a new policy that says no incentives will be paid from the day you give notice that you are retiring/resigning. It's unclear if that applies to the 401k match as well as bonuses. If it is, that would mean that you are giving up receiving the match if you give notice prior to April 1st. The executive team keeps finding new ways to skimp on employee benefits. But somehow Robin Vince got a 20% raise last year from $9MM+ to $11MM+. I'm thinking that $2MM could have been put to better use.
You must be employed 10/01 to receive the match.
@ijq+1oFIFgu3 Ah, it’s you. The grammar police. Now you are trying to control the topics that can be discussed on this site. I bet you’re a reddit mod.
@khr, no, it is NOT correct for plenty of circumstances. Especially when you consider the topic of this site.
Post ID: @lzm+1oFIFgu3 Is absolutely correct, not sure why someone downvoted that answer.
It depends on a few different factors, I believe. You should inquire with HR for specifics.
November 31st? 10% match?
Don't know which is less likely
You would need to be employed on January 1st (when a new plan year begins), and company match will be deposited by March 31st.
Note that the under the 2022 changes, the bank has the right of choosing a different contribution to your account. For instance, if you've contributed 10% during the year, not necessarily a 10% match will be deposited.