401k Match

[dmd20000]

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I am planning to put money in my 401k account through my employer next year from January until July. I am also planning to quit my job at the end of July, so will I still get a 401k match for that year?

 

[jblil]

It depends. Some companies match your 401k "as you go", i.e., in each paycheck. Some will wait till the end of the year to give you all the matching funds at one time. In the first case you're ok, in the second case you're SOL. Call HR or check your company policy.
Also check the "vesting period" for the matching funds. Usually you have to have worked for x number of years before you get to keep all of the matched $.

 

[dmd20000]

I work for Rite Aid. Do you know the vesting period is? I was looking online and it could be 3 years or 7 years but I am not sure which one is which. Thanks

 

[jblil]

Most likely 3 years. I have never heard of a vesting period longer than 4 years.

 

[Prepharm1214]

You're immediately 100% vested with rite aid 401k, match is once a year typically first week of march. I believe you would not qualify

 

[Momus]

I work for Rite Aid. Do you know the vesting period is? I was looking online and it could be 3 years or 7 years but I am not sure which one is which. Thanks

Riteaid has union (staff), and non union (staff or manager). Vesting period is different.

But generally, if you contribute as a non union, you will get the match 100% vested immediately, and they will put in matching $ to you next yr. If you quit, they will still give you the match money next yr since you are an employee at the time you make the contribution.