? about years of work

[disneygirlatheart]

Hi! I have a quick ? if anyone knows the answer. How long do you have to work in a company to be vested in it? Meaning receive retirement benefits even after you quit the job. My DH thinks it is 10 years but I thought it was less. Thanks in advance..

 

[goofydad621]

Each company id different, there is no hard and fast rule as far as I know.

Sorry I could not be of more help

 

[tkitty]

Each is different. Mine is seven years, to be fully vested.

 

[mamacatnv]

5-7 has been the average I have seen over the years. Nothing set in stone, it depends on how the employer wrote the plan.

Note: some employers in order to attract high caliper employees have rewritten their plans to lessen the waiting period for full vesting.

Also, in the event a company closes or closes their plans, then most employees become 100% vested for cash out purposes, again depending on how it was written.

 

[CleveRocks]

There are no federal laws pertaining to this. Is there one in your state? Doubtful, but possible. In general, companies aren't required to give an employee anything except what is agreed upon at the time of employment, whether verbally or by contract. You could work for a company for 40 years and LEGALLY have no benefits, retirement plan, etc.

 

[byoung]

In NJ vested in 5 years.

 

[disneygirlatheart]

Thanks for the info.

 

[Chuck65]

Differnet companies have different times..............mine is 5 yrs.