401k Vesting
10-25-2017, 12:38 PM
#1
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Thread Starter
Joined APC: Apr 2008
Posts: 54
401k Vesting
Hello all....just a quick question to see if anyone knows. I was working for Spirit but left about 4 months ago. I was here just shy of 2 years so I shouldn't technically get any vesting because I left before 2 years. I was just checking my balance and the total market value is nearly 2 times the amount of vested amount. I am guessing Spirit never took their share of the money out (the unvested portion) So I guess my question is, is this legal? They are technically making money by leaving their money in my 401k, right? Should I say something or just leave it be?
10-25-2017, 01:42 PM
#2
Banned
Joined APC: May 2017
Posts: 163
Hello all....just a quick question to see if anyone knows. I was working for Spirit but left about 4 months ago. I was here just shy of 2 years so I shouldn't technically get any vesting because I left before 2 years. I was just checking my balance and the total market value is nearly 2 times the amount of vested amount. I am guessing Spirit never took their share of the money out (the unvested portion) So I guess my question is, is this legal? They are technically making money by leaving their money in my 401k, right? Should I say something or just leave it be?
10-25-2017, 01:57 PM
#3
Gets Weekends Off
Joined APC: Feb 2017
Posts: 127
Hello all....just a quick question to see if anyone knows. I was working for Spirit but left about 4 months ago. I was here just shy of 2 years so I shouldn't technically get any vesting because I left before 2 years. I was just checking my balance and the total market value is nearly 2 times the amount of vested amount. I am guessing Spirit never took their share of the money out (the unvested portion) So I guess my question is, is this legal? They are technically making money by leaving their money in my 401k, right? Should I say something or just leave it be?
10-25-2017, 04:03 PM
#5
Gets Weekends Off
Joined APC: May 2015
Posts: 468
To be clear they aren't making any money. Spirit puts in money. You put in yours. You Keep yours and they keep theirs if you aren't vested. The market is up 15% this year so you will keep any market share that has been gained, plus your monies. If spirit put in 10k, they will pull the 10K back out. you can't hide it, move it, cash it, or anything else. Its their money. It maybe taking them a while to "pull" it back out but then they reconcile their finances it will for sure. It would be yours to keep based on the vesting schedule. but you weren't here long enough to be vested. Normal, happens all the time
10-25-2017, 04:14 PM
#6
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Joined APC: Sep 2005
Position: A 320 CA, retired
Posts: 89
HR Diva here:
First, the plan is administered by Schwab.
The plan sponsor doesn't have to remove their unvested match from your account until you decide to move your account. You are always 100% vested in your own contributions.
They will remove it at some point. Sometimes it just happens when they get around to it. Sometimes it is when they change administrators (ie: Fidelity to T Rowe Price to Schwab). Sometimes they wait till you want to transfer it out. It doesn't matter. It's not your money and they know it.
Spirit doesn't get it back; it goes into a forfeiture account. They can use it for plan expenses, but it never goes back to Spirit as general assets.
I hope this answers your question and stops the wild speculation!
Kind regards,
HR Diva
First, the plan is administered by Schwab.
The plan sponsor doesn't have to remove their unvested match from your account until you decide to move your account. You are always 100% vested in your own contributions.
They will remove it at some point. Sometimes it just happens when they get around to it. Sometimes it is when they change administrators (ie: Fidelity to T Rowe Price to Schwab). Sometimes they wait till you want to transfer it out. It doesn't matter. It's not your money and they know it.
Spirit doesn't get it back; it goes into a forfeiture account. They can use it for plan expenses, but it never goes back to Spirit as general assets.
I hope this answers your question and stops the wild speculation!
Kind regards,
HR Diva
10-26-2017, 09:11 AM
#7
Banned
Joined APC: Aug 2012
Position: B-767 FO
Posts: 554
Hello all....just a quick question to see if anyone knows. I was working for Spirit but left about 4 months ago. I was here just shy of 2 years so I shouldn't technically get any vesting because I left before 2 years. I was just checking my balance and the total market value is nearly 2 times the amount of vested amount. I am guessing Spirit never took their share of the money out (the unvested portion) So I guess my question is, is this legal? They are technically making money by leaving their money in my 401k, right? Should I say something or just leave it be?
10-27-2017, 09:36 AM
#8
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Thread Starter
Joined APC: Apr 2008
Posts: 54
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