CVS had a glitch in their system where they overmatched I think on final payouts. As part of their “cost saving” initiative they are clawing this money back + investment gains with zero notice. It may not be much, but do you really want CVS taking out a few hundred bucks from your 401k? If you close your Vanguard account I think they would have a hard time getting it back.
9 replies (most recent on top)
I stand corrected, the amount deducted was close to 400. However, I contribute 2,000 per month and have for years. It was not equal to a pay period and this is only for the match, not the deductions.
@nlu+1uMxgutP same. I don't know why these re--rds are down voting us. I contribute $600 a week and get a much smaller match. I calculated and proved out an excess contribution of $600. They clawed back $600 per my Vanguard statement. They fu---d up the calculation badly and somehow contributed an amount equal to the employee's contribution rather than a more "reasonable" error of the employer's contribution.
Less than $50??? Mine was over $400
@xji+1uMxgutP the over matched amount is equal to one pay period of employee contributions. They really fu---d up the calculation, whatever it was they were doing.
Stop grasping at nothing. The overmatched amount was less than $50. It doesn’t amount to anything. Also, you can’t just close or rollover a 401k in one day nor can you if you are still employed. You paranoid trolls su-k.
Proof that corporate comes here to post Comms propaganda:
“The overmatching happened last spring and Vanguard is following IRS rules by deducting the excess funds from accounts. The effort to correct the errors was initiated, by Vanguard, not CVS. There are enough of things for employees impacted by the layoffs to be concerned about without making unfortunate coincidences seem sinister.”
The overmatching happened last spring and Vanguard is following IRS rules by deducting the excess funds from accounts. The effort to correct the errors was initiated, by Vanguard, not CVS. There are enough of things for employees impacted by the layoffs to be concerned about without making unfortunate coincidences seem sinister.
Lol..cute
Thats not how that works.
They will get it back.
You're a real treasure broski.
Vanguard already deducted it today; you can see how much in the transaction area