June 21, 2013

When vesting is discussed regarding your company retirement account, what are they talking about? Example?

5 thoughts on “June 21, 2013”

  1. Katherine Graham says:

    Vesting deals with the period of time your company requires you to be there before you get all of your matching money. The average period tends to be five years.

  2. Cody says:

    Vesting, if I were to explain it simply, is the amount of retirement payments you have earned.

    For instance, if a company pays its retirees 1.5% x final salary x years served, a company may pro-rate this amount by a minimum requirement. These minimum amounts of time served might be 5-year graduated scales (where one earns a higher percentage each year for retirement) or a pure cut-off (where retirement benefits are paid all-or-nothing, say after 7 years).

  3. Mike Finley says:

    Well done. Welcome to the forum, Cody. Katherine provided correct information and Cody delved deeper into the issue. Outstanding work you two! Let’s recap.

    The vesting period tends to be around 5 years. The matching money that your company provides with your company retirement plan comes with a catch. You must work there for a period of time before you have full rights of ownership to that money. Sometimes you receive ownership in increments (20% a year for example) and sometimes it is all or nothing (you must work there 5 years before you get the money, otherwise you get nothing). This also applies to pensions, which are generally going away. THIS ONLY APPLIES TO THE MONEY YOUR COMPANY PROVIDES YOU. The money you put into your retirement is always yours and you can always take it with you when you leave (complete a rollover to an index fund at Vanguard traditional or Roth IRA to avoid taxes and penalties).

    KEY POINT: Identify the vesting rules at your particular place of employment and consider them when considering a move to a different employer. Educate and act based on what is best long-term for you and your family. Knowledge is POWER!!!!

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