For those who were hired in 2019 or prior, do we receive 401k match if we are on payroll on Nov 1st?
I need to know urgently.
I called HR - they said such employees will be considered grandfathered and will be given a match, but he was not sure whether it was Nov 1st or Nov 30th.
Effective for Plan years beginning on and after January 1, 2023, if you are not an active employee on the last day of the applicable Plan year but were otherwise eligible to receive the Basic Company Contribution, you will be eligible to receive this contribution if you meet one of the following criteria:
• You terminate employment during the applicable Plan year and, as of your employment termination date, you have attained the age of 60 with the sum of your age and vesting service (in both instances, full and partial years) at least equal to 65, or
Your employment is terminated without cause on or after October 1 of the applicable Plan year and you are entitled to receive severance benefits pursuant to the SUB plan or under such other severance agreement or policy governing the termination of employment from BNY Mellon, or
• You are approved for long-term disability benefits during the applicable Plan year under a program maintained by the Company, or
• You die during the applicable Plan year and are an active employee at the time of death.
If you are an eligible participant, you will receive this annual contribution whether you contribute to the Plan or not. Each year's Basic Company Contribution is determined after the end of the year and deposited by March 31 of the following year.
Here is policy…
Change to Eligibility for Company Matching Contribution
Effective January 1, 2023, to be eligible to receive a Company Matching Contribution you must contribute to the Plan and meet one of the following criteria:
• You are an active employee on the last day of the applicable Plan year (an active employee for this purpose is defined as an employee who is currently employed or on approved leave of absence, excluding long-term disability), or
• You terminate employment during the applicable Plan year and, as of your employment termination date, you have attained the age of 60 with the sum of your age and vesting service (in both instances, full and partial years) at least equal to 65, or
Your employment is terminated without cause on or after October 1 of the applicable Plan year and you are entitled to receive severance benefits pursuant to The Bank of New York Mellon Corporation Supplemental Unemployment Benefit Plan ("SUB plan") or under such other severance agreement or policy governing the termination of employment from BNY Mellon, or
• You are approved for long-term disability benefits during the applicable Plan year under a program maintained by the Company, or
• You die during the applicable Plan year and are an active employee at the time of death.
There was no mentioning of a “grandfathered” situation in last year’s announcement regarding 401k. If you are resigning voluntarily and looking for a match you need to be employed as of 12/31. If you are separated involuntarily after 9/30, you will then also receive a match.
No one will be able to give you more accurate information than Human Relations. I suggest you push back and ask for clarification on the policy. They won’t want to be pinned down or do work/reading to figure it out as HR is full of the most useless employees; run it up the chain if you have to. Get it in writing if you can and forward all HR correspondence to your personal email.