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by grockmire on March 5th, 2007

grockmire

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When starting a new job, is it typical to not be allowed to contribute to a 401k until 1 year of service? Or do they mean that they will not match until 1 yr service?

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Answers. 4 helpful answers below.

  • by Reginald on March 21st, 2007

    Reginald

    It varies from company to company. My company doesn't allow contributions until an employee has been with them for 6 months or more. They don't start matching until 1 year of service is completed though.

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  • by Andy Is Wicked Married to Penal Colony on March 8th, 2007

    Andy Is Wicked Married to Penal Colony

    It is typical. I was able to contribute, but my company did not match 100% until I had been employed with them for one year. I see that you are fairly new to AB, welcome :)

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  • by postmuffin on March 8th, 2007

    postmuffin

    Yes this is pretty common. Where I work you have to wait a year. Also, in some companies you have to be older to contribute. My son is 20 and can't contribute to his companie's 401K until he is 21.

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  • by slevin01 on March 5th, 2007

    slevin01

    You can usually contribute right away, sometimes there is a short period of time to enroll. In terms of matching. I've worked in a company that match but you for each year you work you get 20% of the match. So after 5 years you get the full 100% of the amount that was matched.

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