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Q: 401(k) Vesting Question ( No Answer,   4 Comments )
Question  
Subject: 401(k) Vesting Question
Category: Business and Money > Employment
Asked by: mbib-ga
List Price: $20.00
Posted: 21 Feb 2006 17:29 PST
Expires: 23 Mar 2006 17:29 PST
Question ID: 448111
Employee Benefit Plan Vesting:

My employee benefit plan is fully vested when a employee completes 3
years of service using the continuous service method.  I have had 2
periods of service:

(1) An internship where I was an hourly employee.  My dates of service
run from 6/5/95 through 8/16/96.

(2) A full time salaried position where my date of employment is from
5/17/04 through the present.  A significantly better opportunity has
been offered to me and I gave a 2 week notice on 2/17/06.  My last day
of work is scheduled to be 3/3/06.

Based on a careful calculation of service using an actual days
approach, I am calculating total service of 2.997 years if my last day
of service is 3/3/06.

Can anyone opine if I am likely to be denied full vesting in this
situation?  Does ERISA have any rounding provisions?

Aside from trying to extend for a few more days, which I am not sure I
would be able to do, is there any way I can be assured of full
vesting.

Thanks,
Answer  
There is no answer at this time.

Comments  
Subject: Re: 401(k) Vesting Question
From: nelson-ga on 21 Feb 2006 17:33 PST
 
Are you certain the internship counts?  Are you certain that they do
not count only full years worked a minimum number of hours?
Subject: Re: 401(k) Vesting Question
From: mbib-ga on 21 Feb 2006 17:38 PST
 
It has been confirmed the internship counts.  In addition, they use a
elapsed time method of determining when the three year point has been
reached.

They don't use the method whereby they might say once you work 1000
hours in a calendar year you have 1 year of vesting service.
Subject: Re: 401(k) Vesting Question
From: daniel2d-ga on 21 Feb 2006 22:59 PST
 
Why not just go the 401K administrator and ask them?
Subject: Re: 401(k) Vesting Question
From: mbib-ga on 22 Feb 2006 04:17 PST
 
I could, but I would rather found out some info here first.  Secondly,
the administration of the plan is outsourced to India and they are not
good at handling anything but simple questions.

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