I'm Fully Vested Today!

"jminer" (jminer)
09/01/2020 at 12:15 • Filed to: I feel like an old man now

A s of today I’ve been at my current job for 5 years. This means the employer matching on my 401k is now 100% vested and all goes with me when I leave.

This is also the longest I’ve stayed at a job, it’s been good to me but I’m done with it. I’d have left in the spring if not for the pandemic, definitely grateful to be here through the worst of it as people were getting laid off and furloughed left and right.

I had a good week last week on the job hunt front but I’ve been this close before only to have something fall apart so we’ll see how it goes.

Anywho I’m happy today since that asterisk next to my 401k balance telling me it’s not fully vested is gone.

DISCUSSION (23)

KingT- 60% of the time, it works every time > jminer
09/01/2020 at 12:26

Always a good feeling, how much does your company match?

jminer > KingT- 60% of the time, it works every time
09/01/2020 at 12:32

I have a very good match. They match up to 6% of my salary plus 1% they chip in on top. So if I put in 6% of my paycheck they put in 7% making a 13%.

I work in a large quasi-governmental organization so they have very good benefits to make up for some of the other things to try to retain employees.

KingT- 60% of the time, it works every time > jminer
09/01/2020 at 12:41

That’s great. Much better than mine at 45% match up to 6% but I’ll take all the free money I’ll get.

MM54 > jminer
09/01/2020 at 12:43

That is very good!

BaconSandwich is tasty. > jminer
09/01/2020 at 12:45

I’ve been at my company 5+ years now. Guess what I got:

Nothing. N ot even an email of recognition. Maybe some people in the company have hard feelings toward those of us that were brought in as part of an acquisition?

ZHP Sparky, the 5th > jminer
09/01/2020 at 12:56

Still looking at options in the Bay? Any other areas becoming potential contenders?

davesaddiction @ opposite-lock.com > jminer
09/01/2020 at 12:56

Kinja'd!!!

jminer > KingT- 60% of the time, it works every time
09/01/2020 at 12:57

It’s the best I’ve ever seen, been lucky to work here.

jminer > MM54
09/01/2020 at 12:58

Yes, there are benefits to working here for sure.

Tripper > jminer
09/01/2020 at 12:59

Congrats! I’m not sure when I vested but our match program has been one of the things that have kept me where I am

jminer > BaconSandwich is tasty.
09/01/2020 at 13:01

Oof that’s rough. I got an email from HR congratulating me on it, and we’d normally have a lunch attended by upper management but that’s not happening since we’re all still WFH.

This place does good on the perks for employees to make up for a lot of other lackings in the company. There’s a staggering level of bureaucracy and paperwork overhead and our tech stack in ancient.

davesaddiction @ opposite-lock.com > jminer
09/01/2020 at 13:02

Nice! Keep pushing toward an effective 15-20% if you can swing it.

I currently have a 0% match (down from 3%... ), but for a decade, when I was at a big corporation and things were very competitive , I got a 6% match with another 6% on top! Was fantastic...

jminer > ZHP Sparky, the 5th
09/01/2020 at 13:02

I am yes, had a couple really good calls with a company out in San Jose and verbally have the job, but won’t believe it until we set a start date.

jminer > davesaddiction @ opposite-lock.com
09/01/2020 at 13:02

Thanks!

jminer > Tripper
09/01/2020 at 13:26

The retirement benefits have definitely kept me here longer than I’d have stayed otherwise.

BaconSandwich is tasty. > jminer
09/01/2020 at 13:45

I’m grateful I still have a job. So there’s that, I guess.

This place doesn’t do so well on perks, as you may have guessed. At least when we got bought out, we got to pick an item of clothing from the company catalog of branded clothing.

We do have a fridge at work full of pop, but we’re now all working from home, so that doesn’t do much for us . Our old office admin person used to buy us treats every few weeks. Then she switched offices to one of the other offices . Our new office admin person... gave her notice a month ago. So we’re left with an empty office, a fridge (which is likely still half full) of pop... and everyone (but one person) working remotely.

Mid Engine > jminer
09/01/2020 at 13:47

Here’s mine: “Dollar-for-dollar match on the first 5% of pay you save • Contributed each pay period so faster savings growth for you” There’s no vesting period, I can quit anytime and take the investment with me. This is very common in the tech biz.

There is a vesting period for restricted stock; vests annually and worth a LOT more than the 401k match. There’s an evergreen program where there’s always 3 years of RSU’s waiting for me as time goes on. This keeps me around more so than 401k match.

Nothing > jminer
09/01/2020 at 13:53

This all sounds eerily familiar.

jminer > Mid Engine
09/01/2020 at 14:02

Mine is contributed with every pay period but vested at 20% of a year until 5 years so 100% for everything day of there on out.

My match is also pretty generous with 100% match up to 6% then 1% contributed on top of it so me putting in 6% nets 13%.

We’re a quasi-governmental agency though so no stocks or profit sharing just this.

SBA Thanks You For All The Fish > jminer
09/01/2020 at 14:33

Stay with it as long as you can. The “tax plan” for the party coming into office will basically gut these matches under the theory that “it’s not fair” for the employer to match so much.

There’s a lot they want to change (including estate taxes and how commercial real estate gets exchanged) but the 401(k)s are on the chopping block if leadership changes in the fall.

ZHP Sparky, the 5th > jminer
09/01/2020 at 16:23

That’s awesome, hope it all works out for you. Totally understand not believing it until it’s happened.

Roundbadge > BaconSandwich is tasty.
09/03/2020 at 10:15

Same boat, but 21 years.

GF’s company gives her a bonus at 10, then subsequent bonuses every 5 years.

My company? “You’ve been here 21 years? We’re not talking dog years, right?” Actually...that’s not saying a lot. We’ve got lots of employees that have been here longer than me...including 4 in my department alone.

BaconSandwich is tasty. > Roundbadge
09/03/2020 at 11:42

I think it’s fairly rare these days for people to stay at one job for any long duration, especially in the tech sector. I’m just hoping the place stays afloat long enough that I can get my house paid off. After that, I’ll be a lot less stressed about things imploding .