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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, |
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There is no answer at this time. |
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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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