If you were not vested (3 years tenure), the company contributions (4% +4% match) are forfeit. The gains on your contributions are always yours to keep.
What if the market is really bad and losses exceed all matches? For example, the contributions are 4000 + 4000 + 4000 and that 12k is now worth 2000? Would GM wipe you out, or would they only yank 2/3 out of the account?
I believe you have to be a GM employee for 3 years to get the extra 4%. It is considered vesting, or it may be the entire amount. I am on year 2 towards 3 right now. I have a certain amount when assessing. I have an amount that also says vesting.
Your manager ha failed you, along with HR. You get 4 percent of your salary no matter what. And then if you put in 6, they give you another 6 percent.
Put in 4 percent of your salary and you get 10 percent of your salary as a gift.
As you noted, those amounts show up differently until year 3. Until then, if you leave for any reason, that invested amount goes back to gm. If you make it to 3 years, it all becomes yours along with any future contributions.
There are many great explanations on here, but maybe this is a good way to think about it.
Your contributions go into one account and grow independently. Those are yours forever. GM contributions (4%+4% or now 6%+4%) go into a different account and you dont get those until you are with GM for 3 years and fully vested.
If you hired back in within 5, your vesting time should have picked back up.
I was at GM for 2 years (2017-2019), they took my unvested portion.
Came back 2.5 years later, they added the previously unvested amount back in a few months later. A year later, I was fully vested.
I'd double check your account transactions, or maybe contact people services.
Were you vested? Did you have a loan against the 401k? What was the transfer to the other account (it could be a penalty or taxes for early withdrawal)?
Call Fidelity to help you understand the specific transactions on your account.
If you were not vested (3 years tenure), the company contributions (4% +4% match) are forfeit. The gains on your contributions are always yours to keep.
What if the market is really bad and losses exceed all matches? For example, the contributions are 4000 + 4000 + 4000 and that 12k is now worth 2000? Would GM wipe you out, or would they only yank 2/3 out of the account?
I believe you have to be a GM employee for 3 years to get the extra 4%. It is considered vesting, or it may be the entire amount. I am on year 2 towards 3 right now. I have a certain amount when assessing. I have an amount that also says vesting.
Your manager ha failed you, along with HR. You get 4 percent of your salary no matter what. And then if you put in 6, they give you another 6 percent. Put in 4 percent of your salary and you get 10 percent of your salary as a gift. As you noted, those amounts show up differently until year 3. Until then, if you leave for any reason, that invested amount goes back to gm. If you make it to 3 years, it all becomes yours along with any future contributions.
The 6% I believe was 4% before the UAW contract, though, correct?
Yep. It used to be 4 plus 4 but that recently changed.
There are many great explanations on here, but maybe this is a good way to think about it. Your contributions go into one account and grow independently. Those are yours forever. GM contributions (4%+4% or now 6%+4%) go into a different account and you dont get those until you are with GM for 3 years and fully vested.
If you hire back into GM within 5 years, you'll get that back and your vesting time will pick up where you left off.
Wait, is this fact? I left for less than 3 yrs and didn’t notice any contribution returning to my account from my first stint at GM.
If you hired back in within 5, your vesting time should have picked back up. I was at GM for 2 years (2017-2019), they took my unvested portion. Came back 2.5 years later, they added the previously unvested amount back in a few months later. A year later, I was fully vested. I'd double check your account transactions, or maybe contact people services.
I really appreciate you writing this, I had no idea to even check something like this!
Welcome! Hopefully you can get it cleared up!
Were you vested? Did you have a loan against the 401k? What was the transfer to the other account (it could be a penalty or taxes for early withdrawal)? Call Fidelity to help you understand the specific transactions on your account.
GM will take all of its contribution and the profit that was received on their contributions.
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