Did anyone receive any MCC Enhancement Contribution? The VERP statement says "Your Enhancement Contribution will be posted in late June with your FY23 MCC contribution". I see FY23 MCC contribution posted on 401K account on June 22 but no Enhancement Contribution.
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I do not have MDT pension and have MCC instead. For me, MCC VERP money were deposited into my Fidelity 401K account and listed as "MCC Employer Contribution" in "Activity and Orders" tab. This occurred in July - supposed to be in June, but was delayed until July.
Can anyone advise how the 401K deposit would have appeared in Fidelity?
I was pretty shocked when I got the VERP email and misunderstood many details, including being unable to even start collecting the pension until Jan 2024!
@1Ubzb+1nktAeO3 - As a VERP taker, I did receive a percentage of MIP for FY23. It was sent to my bank account along with all other payroll info. This is separate from MDT 401K contribution. As for the problem with 401K payment being smaller than expected, It appears that there is ~40K limit on what MDT can contribute to 401K in a year so anything extra was not in 401K and instead included in payroll. It took me a lot of efforts to figure it out as all payments were lump together in July's payroll with no explanation of what each amount represents. Neither MDT HR Reps nor Fidelity Reps have visibility to all these payments so they could not explain this.
I am confused.. did VERP takers get a 401K bonus too?
Got MDT VERP contribution posted to 401K today, but it is $15K less than expected. Called Fidelity and they need another 10-15 business days to research.
I also received an email saying the payout is ESTIMATED to be the week of July 10. It also showed up in the NetBenefits home page, but it is gone now.
This is the Enhancement Contribution, not the MIP.
Got an email from Fidelity. Payout date is delayed until mid-July. No explanation given.
I believe The question is about the 25% of salary contribution which was the VERP boost for those plans. Not related to the miserable financials.
there's no extra match this year since we missed the eps goal