Wow that s—s if they did. Apparently they replaced it with some stock award that is far less then what a match would have been. Glad I left.
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OP is talking about the corp profit share match. It went away with the introduction of the Stock Together grants.
They still match 1:1 up to 6pct. Not sure what OP is posting. This is one of the best around. Some companies claim match up 10pct, but in reality it is 1:.50pct on the dollar. So at 10pct, they match 5pct.
Verizon is one of a very few companies that matches the 6% as it is taken out of your paycheck. Most companies do the match after the year ends. I also think the OP is referring to the corporate profit sharing match which they replaced with stock together. The OP is correct that depending what type of position you hold the stock together award is less then what the Corp profit match would have been.
I think what OP is referring to is the corporate profit sharing match. This was the 1-3% applied to your 401k at the end of each year based on how the company did. That match went away with the implementation of the stock together award. It has nothing to do with matching your 401k contributions up to 6%.
Wait what ? So the 6% match is done right away and not after years end ? Most companies don’t do it that way.
I started with the company in December 2019 and if Verizon matches like my last employer it’s done sometime in the first quarter the following year. Honestly I don’t really pay much attention to my Fidelity account.
Match is 6% dollar for dollar plus profit sharing really makes it around a 10% match. One of the best 401k matches I have seen. I maxed out my 401k and in 15 years was over a million. Verizon blows as a company but they have an amazing 401k match and that has not changed.
When does the 401K match kick in and what percentage is it ?
They still have the match. Stock award is an added bonus.