Has anyone who has been laid off during this round determined whether we will get the 401k match? I’m assuming not, but my manager didn’t know.
46 replies (most recent on top)
Terrible people running this place.
And again, they do everything they can to sc--w the worker bees out of money, and I guarantee the executive suite, will not take a penny less in bonus than they did last year
This is the verbiage from the 401K site... The sneaky b@stards... This is most likely why they did it today instead of waiting until after Thanksgiving as usual. HUGE chunk of money they don't have to pay out.
Q: What happens if I leave the organization before the end of the year?
Effective January 1, 2023, you must contribute to the Plan and be actively employed by the Company on December 31 to receive the annual Company Matching Contribution for that year, unless you meet one of the following exceptions:
- Termination of employment on or after the attainment of age 60 with the sum of age and service equal to or greater than 65,
- Termination of employment without cause occurring on or after October 1, if there is entitlement to receive severance benefits pursuant to the Supplemental Unemployment Benefit Plan or under such other severance agreement or policy governing the termination of employment from the Company,
- Approved for long-term disability benefits under a program maintained by the Company, or
- Death while actively employed.
You will receive the match only if you are 60 + in age. This is in the plan docs.
So the layoffs are really happening??
Yes, that was my interpretation too….work people all year 3/4 of the year and then take their 401k.
Unfortunately, I believe that was the entire reason they telegraphed this yearly layoff period in September when they changed the 401k match rules late last year. If they do the layoff in September, no match. After 9/30, match.