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Yes, it is a vesting policy. What we were told in person in several meetings isn't what they are doing. I was on a 5 year vesting plan. I left a month before 3 years so they owe me 40%. They told us that we couldn't touch the money in our old 401k for a year, but on Jan 1, 2008 we'd become 100% vested in our old 401k and it would roll over into the new one. That didn't happen. Then they tried to say they told us "AFTER Jan 1, 2008". I've got a room full of witnesses who heard otherwise. I brought this up to an HR person and they basically said "off the record...if you don't touch the money it will become 100% vested and roll over into the 401k on April 1st."
Well, I guess I fell for that April Fool's joke because nothing has happened yet.
On the newer 401k and the older 401k, they show me as only vested for the exact amount of money I've put in. Not a penny more. I brought this up to their attention several times, but they've done nothing.
On the website, it did say, you have X amount of dollar in your 401k and you are vested in Y amount. Now it just says "you have Y amount" and it's the exact amount I contributed.
The old 401k still shows two amounts, and it says I'm only vested in the number of dollars I contributed and nothing more.
My new job doesn't have a 401k. This is why I want to put money into an IRA.
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"I'm completely in favor of the separation of Church and State. My idea is that these two institutions screw us up enough on their own, so both of them together is certain death."
- George Carlin
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