(no subject)
This was a rather interesting development with my 403(b) investment withdrawals; I can't verify it's completely true until I get my checks (hopefully next week), but if it is, I'll be a happy, happy guy.
At Brown, a maximum retirement plan works this way: you contribute 2% of your salary to the plan, and Brown contributes 8%. (You can contribute nothing and Brown will still put in 6%, or you can put in 1% and Brown puts in 7%. The max is 2/8, though.) When you leave, you can take* all of your contributions, but the amount you can take of theirs is based on how long you worked there. At 2 years, it's only 20%. At 3 years, it's 50%. I worked there for a little over 2.5 years, so I should get 20%.
However, it seems the rules may have changed. When I was on the phone with one of the investment companies last week (we get to use two and split up the contributions however we'd like), the customer service rep seemed to think I was vested 50% in Brown's contributions. I wrote it off, since she wasn't sure about much.
I just looked at my portfolios to see how much they counted for my withdrawals. (The rest of Brown's money stays in my accounts in case I ever come back; I can never use it unless I do, though.) Sure enough, BOTH companies show 50% of the university's money as withdrawn by me. That is over an additional $1200!
The only thing I can think is that now Brown rounds off your years of service, so since I'm around 2.75 years, I get the 50% vestment. I certainly hope it's true; it'll be a nice chunk for saving so :F: and I can get our own place eventually.
*I know it's against investment advice to withdraw retirement money. I've weighed all the scenarios, and for me, it was the best decision.
At Brown, a maximum retirement plan works this way: you contribute 2% of your salary to the plan, and Brown contributes 8%. (You can contribute nothing and Brown will still put in 6%, or you can put in 1% and Brown puts in 7%. The max is 2/8, though.) When you leave, you can take* all of your contributions, but the amount you can take of theirs is based on how long you worked there. At 2 years, it's only 20%. At 3 years, it's 50%. I worked there for a little over 2.5 years, so I should get 20%.
However, it seems the rules may have changed. When I was on the phone with one of the investment companies last week (we get to use two and split up the contributions however we'd like), the customer service rep seemed to think I was vested 50% in Brown's contributions. I wrote it off, since she wasn't sure about much.
I just looked at my portfolios to see how much they counted for my withdrawals. (The rest of Brown's money stays in my accounts in case I ever come back; I can never use it unless I do, though.) Sure enough, BOTH companies show 50% of the university's money as withdrawn by me. That is over an additional $1200!
The only thing I can think is that now Brown rounds off your years of service, so since I'm around 2.75 years, I get the 50% vestment. I certainly hope it's true; it'll be a nice chunk for saving so :F: and I can get our own place eventually.
*I know it's against investment advice to withdraw retirement money. I've weighed all the scenarios, and for me, it was the best decision.