What Does Being “Vested” In Your 401(k) Mean?
Posted: November 28, 2019
What Does Being “Vested” In Your 401(k) Mean?As defined by the IRS, vesting in a retirement plan means ownership. Each employee vests a certain percentage of their account in the 401(k) plan every year. An employee who becomes 100% vested in his or her 401(k) account balance owns 100% of the balance. When this occurs, the employer cannot take it back (forfeit) for any reason. Amounts that are not vested in a...
What Happens To My Savings Accounts If My Company Closes?
Posted: October 13, 2019
What Happens To My Savings Accounts If My Company Closes?Many employers today offer health savings accounts (HSAs), flexible spending accounts (FSAs), and 401(k) retirement savings accounts as part of their company group benefits. These types of savings accounts are a valuable part of an overall compensation package that employers use to attract and retain top talent. But the world business is uncertain, and companies may go under. What happens to your savings accounts if...