Question for those who know. I'm currently on severance and was wondering when they give my matching 401k that I earned up until severance started. Does it still pay in December with everyone else? And I am over 65.....Thanks
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@e0
Yes, Because you are over 65, you meet the normal retirement age criteria. This means you are eligible to receive the year-end 401(k) matching contributions for the portion of the year you contributed, regardless of whether your layoff notice or severance transition happens before the standard cutoff dates.
If you are over 65 you get it regardless. Is that right? I thought I read that in the employee handbook.
@ax HR rep gave you wrong info.
You qualify since this happened after 10/16
I was put on non-working 60 days on 10/27. I asked HR about the match and was told no go. As I am not “in a position” any longer I will not get the match in December.
Oh, honey.
Wells Fargo pays its 401(k) employer matching contributions once a year, on the last business day of the year.
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The December 15 Cutoff: To qualify for the year-end match, you must be actively employed or within your 60-day non-working notice period ("garden leave") as of December 15.
The October 16 Timeline: Because of the 60-day notice rule, employees who receive their official layoff notice on or after October 16 remain on the active payroll through December 15, making them eligible to receive the 401(k) match for that year.
Severance Phase Ineligibility: During your 60-day paid notice period, your regular 401(k) contributions and match eligibility continue normally. However, once you transition from the 60-day notice period into the actual severance period (Salary Continuation Pay Plan), you are no longer considered active. At that point, the match stops, and you are not eligible for the year-end payout if the transition happens before December 15.