I was reading the 401k plan document for my BB bank and saw that although they offer a match, it is not 100% vested until you complete 3 years of service. For the vast majority of IB analysts who are hopping in 2 years, does this mean the company match is essentially useless? That’s almost $20k in company match over the 2 years I thought I’d be getting but won’t actually be vested. Can anyone confirm if that’s the case?
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Should vest in 1/3 increments
At my company you got the vest if you stayed the full amount, since you're only on a 2 year contract. If you leave early you get none of it though.
Yup, that was how it worked at the place I was at before (not a BB bank though).
Should vest some each year or at least vest partly after the first 2 years and then each additional year thereafter. Read that section carefully.
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Wait so how does the vesting work? Is it actually a 3-year cliff vest? That would be so stupid considering it's a 2-year contract for a 2-year analyst program...
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