{ "media_type": "text", "post_content": "Vesting question. I received an email saying I was 20% vested a month or so ago, but I started Sept 2015 (no internship) and I thought this was at 2 years. Am I actually 20% vested now? ", "post_id": "592e2eeb22d5c20010ba88d6", "reply_count": 23, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
null

Vesting question. I received an email saying I was 20% vested a month or so ago, but I started Sept 2015 (no internship) and I thought this was at 2 years. Am I actually 20% vested now?

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Vesting at PwC is 20% after two years, 40 after 3, 60 after 4 and then fully vested at 5 years

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It depends on your firms definition of a year of service. For us, 1,000 hours or more will allow a year to be counted towards vesting.

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Guess this is a good reason to always throw a few hours at non chargeable codes everyday! Ha

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Woah, 5 years?

PwC5, you're always fully vested in your own contributions so whenever you leave you get to take those contributions with you to another plan. The employer contributions have a vesting period that requires you to work a certain amount of years to be entitled to your companys match.

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Pretty sure our requirement is also 1000 for a year.

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You don't earn extra years of service for working more than 1,000 hours in a single year. The 1,000 hour rule is to exclude short term and part time people. That rule just means in a single plan year you have to work 1,000 hours to get a year of credited service.

By being 20% vested, that would indicate a 5 year vesting schedule at 20% per year. I don't know the specifics of the PWC plan, but I would guess that is the case.

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If you read the fine print on the total rewards page, vesting happens every Mar 31 at PwC.. so starting in sept, work at least 1000 hours through march of the next year is one year of vesting and then then 2 years the next march 31, etc

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A firm year is defined as a certain amount of hours. Can't remember off hand but basically you hit the hours so you have credit for two years OP.

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I enrolled immediately. Sounds like maybe I got the email when I hit the 1000 hours of service for this year, so it counts me as 20% vested

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And when they say 20%, it doesn't mean you're entitled to 20% of the firm contributions after a year, it's just a way of tracking how long you have to be fully vested. It's all or nothing, not partial if you leave early.

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@CroweHorwath1 that's not true if you vest a certain percent annually (at PwC at least). @OP, there are enough people on this site who have left before 5 years.. one of them can chime in or you can read the source of truth info on the benefits page on Kcurve

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Wasn't sure if this was accurate and maybe including overtime hours, or if this was a standard email that everyone gets around this time

Idk when you enrolled in your plan but I believe PwCs plans vest 20% after each of the first 5 years.

May I ask what does it mean by vesting?

Vesting = ownership

@pwc5 In this case, it's how much of the firm 401k contributions you actually own. You own all your own that you put in (with the appropriate restrictions of course) but If the firms contributed $1,000 to your 401k, you don't own all that money until you're fully vested

Also, you should be fully maxing out your contributions to get the max firm contributions!!

To be clear, in a 401(k) plan upon separation from the firm you are entitled to take all vested contributions with you either as a cash distribution or as a rollover. In other words, 100% of your contributions (plus earnings on your contributions) and the vested amount of employer contributions (plus associated vested earnings). Partial vesting is partial ownership, indeed!

Also not true @CroweHorwath1... fully maxing out your 401k contributions would entail putting away $18000 a year. At pwc, you only get 25% match on the first 6% you out away. Whatever you do, probably don't listen to that guy about your retirement benefits.

That's what I mean homie, I said max out to max out firm contributions. ie. 5% of salary for the 50% match here.

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