One of the bad things about complicated 401k plans is misunderstanding how it works. Turns out there is no corporate match for me during the first 12 months of employment. I’ve been under the wrong impression this whole time. However, I am 100% vested in the corporate contributions once they start. So I will be 40% down instead of only 34%. Darn. I was hoping the 6% match would rescue my abysmal returns this year.
Oh well. 2009 will be upon us shortly.
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{ 3 comments… read them below or add one }
I have to wait 3 years before the employer match takes effect. I have another 18 months!
Usually the company match is $1 for $1 or $0.50 on the dollar contributed so it’s more like 50-100% return on your money up to a percentage of salary (maybe 6% as you mention…)
Ouch. At least the matching hasn’t been taken away forever like some others out there