It is my understanding that if you leave HP before you have been there for 3 years then you are not vested in any of the employer 401k matching contributions (or interest earned on those contributions) and would need to return that money from your 401k account.
Does anyone know a loophole or work around to this? Or maybe if this information is incorrect?
The rule is to prevent loser job hoppers from wasting time and money to ensure only top talent stays. From this layoff site, it sounds like it's working as intended.
Sounds like you made a poor decision. No loop holes for you!
I did not know about this 3 years vesting policy. It was not mentioned in offer letter. I too lost it since I left before 3 years.
New hires beware. Don't count on ever receiving the matching funds. Honest companies immediately vest employees at 100%. HP is playing numbers games and the employees 9/10 lose. HP's integrity only exists in your mind.
When I left, I timed it so I got the bonus and 401k match. I was retiring so I had some flexibility to pick when.
True o left HP about 6 months ago before the 3 year beating period. I did not get any of my matching 40k contributions from HP (I think it was 3-4% annually). I also did not get any performance end of the year bonus since I left before that
I know there was a change to the retirement laws where the company couldn't say you had a vesting in only a portion of the fund(s.) It was changed by HP to say you are always 100% vested is what is effectively nothing unless you have a certain length of service. I don't know how this applies to the newer 401k over the older RP/DPSP funds.
You are only entitled to the vested amount. The Netbenefits web site will tell you exactly what it is.