Personal Finance & Money Asked by Jennifer Zoucha on August 16, 2021
I was terminated in late January of 2020 by my previous employer. I had worked for them for 5 years and 2 months. I had over 5k in my 401k account and withdrew it all a couple days after termination (1/30/2020). Today (March 10, 2020) I logged onto my 401k account and noticed I now have a little over $800 back in my 401k account. Next to the contribution it says “employer additional” posted on 2/25/2020, a month after my termination. Is the $800 mine??
There are several reasons that money can be added after your last day of work.
To determine the source and if it your funds, or if it is from the company and you might be partially or 100% vested, you will need to look at the activity section of the account. Every 401K I have had tells me the source of all deposits, and the vesting status of those funds. The account balance section should also tell you if is partially or 100% vested.
I would expect that at 5 years and two months you are 100% vested, but if you had worked fewer years these funds might be only partially vested if they were from the company.
You mention that the website identifies the transaction as "employer additional". I would look back over the last few years to see if there are other deposits with the same description.
Check your termination paperwork. They should have information on the timing of them paying out your last check, PTO balance, and any severance. In some cases they give you options regarding 401(k) contributions.
Answered by mhoran_psprep on August 16, 2021
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