If I quit my job before my 401k match is paid out, am I still entitled to it?
I'm planning on quitting my job early in 2007. I am fully vested in my employer's 401k plan and am entitled to a match of 3% of my salary for 2006. Typically, my employer deposits the full match in April of the following year (2007, in this case). If I quit before the money is deposited, am I still entitled to the match since it was fully accrued at the end of 2006? I've seen a lot of information regarding the vesting itself, but nothing in reference to the logistics around the timing of the payout.
Asked By: Sunil A - 10/25/2006
Best Answer - Chosen by Asker
I am a retirement plan consultant. You will want to ask your employer, but to be certain, ask your employer for what is called a "summary plan description". This is a legal document that your employer is required to provide to you by law. It is an easy to read document that is designed for people who are not... More
Answered By: yah00geek - 10/26/2006
Additional Answers (5)
i think you should be paid for 2006 but will be paid nothing in 2007, contact an HR rep or if you want to be more discreet call any financial advisor and they should know.
Answered By: crzyaltego - 10/25/2006
Yes - they will prorate it and deposit it when you leave.
Answered By: Phoenix - 10/25/2006
I am sure you are entitled to the company match. It should be paid until you leave but it would not include 2007.
Answered By: Bella Donna - 10/25/2006
In theory, you should be entitled to it. But that doesn't mean you get it. I've been screwed out of bonuses that were paid 3 months after the 'quarter' that they were earned, and I'd given my notice a few days before payout and not gotten it. You never know.
Answered By: Amanda H - 10/25/2006
It depends on what the plan document says. Some plans state that you must be employed on Dec 31st AND the date in which the employer contribution is made. Some just state that you only need be employed on Dec 31st.
Answered By: derek - 10/25/2006
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