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Can this be true? MQ contributes 50% match for 401k.... - Kiki1

Posted: Apr 30, 2011

Out of curiosity I went to the Merrill Lynch site. I was looking around on my personal page; I had NO idea how much I had in there, and it showed me (I was surprised as I thought it was much less) But what do I know about it...never really kept up on it.....

However, I always thought MQ didn't contribute a CENT anymore? I clicked on "Learn more about your company's match" and it said it matches 50% of the first 5% you contribute....WTH??? Can anyone confirm or refute this?

I was considering yanking all my 401k money out but if they really do match, I think that would be stupid. But I just cannot believe that they would contribute anything at all if they didn't have to by law, and they don't.

Anyone?

Not sure about MQ but most 401Ks you have to quit before getting $$. - some not until you retire!

[ In Reply To ..]
nm

401K - Anonymous

[ In Reply To ..]
The match can be true in regard to the 401K. I don't work at MQ but my employer does that. It is true that you can't pull your funds until you leave or retire.

401K - old and burned out

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In our plan you can get your money out; I just did it. I rolled most of it over into an IRA and left a small amount in so that I can continue getting the benefit of the tax deferral. MQ has not matched any funds in years and doubt that they ever will again.

Interesting - Thanks for the info

[ In Reply To ..]
You rolled it out while you were still actively employed? That's good to know. I was told by a ML rep last year that I couldn't do that. Once again, left hand, right hand. lol I don't really want to move mine right now because the earnings are so great. Last 18 months 23.3%, and last 12 months 10.6%. Must say thats not bad, and I have most of mine in some lower risk bonds so its not super risky either. But, its good to know for future reference that I can move it while I am still working here.

No match for me in years - but...

[ In Reply To ..]
They only matched for the first 2 years I participated, then went on "discretionary" match based on company's performance. I haven't received a match since then. I am guessing that ML just never updated their site, however I will definitely be calling them on Monday to see about that! I must say that the MQ 401K is one of the best remaining parts of this job. My earnings are through the roof!! It is true that you cannot remove your funds without a penalty as long as you are still employed with MQ. If you leave for any reason, you can transfer the balance to another qualifying fund without a penalty.

They match at their discretion, decide at end of year. - NM

[ In Reply To ..]
x

Do you mind - saying

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When you received your last match? I just want to make sure I am not missing out on something. My last employer match was in 2003, or maybe 2004.

i believe that is correct - sm - curious

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i remember last year they posted that it was a "bad" year, so they did not contribute. Perhaps things are looking up, so they contributed this time.

I did just find out you can't take your money out, not - Kiki1

[ In Reply To ..]
even to roll over to a Roth IRA while you are still employed. What you CAN do is take a "loan" up to 50% of your vested amount. I'm still confused on whether they match or not. The site DOES say match is 50% of first 5%, but like the other poster said, maybe their site isn't updated. Plus my gut tells me there is no way MQ would do a match if they didn't have to. Still, even w/o the match, I actually have amassed a good amount over the 10 years I've been here, so maybe I won't have to eat bird seed and noodle soup during my retirement after all. The best way to save I guess is to have it taken out before you even get it. I would have never saved that amount on my own that's for sure.

Kiki1 - Kim

[ In Reply To ..]
Bird seed and noodle soup. That made me cackle. :D

401K - Sunflower

[ In Reply To ..]
They used to match at a percentage, but have not for years.

I took a loan against my 401K last June and you pretty much just pay yourself back. It comes out of each MQ check. I had my check for my loan within a week and there were absolutely no problems getting the money. Easy as pie.

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