Quitting Job; Question about giving 2 week's notice and 401k vesting...

Sep 27, 12 17:29

Post #1 of 37 (13113 views)

I have a pretty good job right now, but have been offered an even better one. Better job & culture with better pay, yearly bonus, vacation, 9/80s, etc. Yay for me. I have to give a response to the offer by early next week, but I'm in a situation where I need to keep my employment with my current job until the end of October in order to be fully vested in my 401k company matched funds. It's a large balance at stake, so it's not something worth risking.

My plan had been to give 2 weeks notice in mid October, with an actual quit date on the 2nd of November. But now I'm having second thoughts that if I give 2 weeks notice, and they ask me to leave immediately, I might not get credit for that 2 week period. Does anyone have any experience with this? If I give 2 weeks notice, can an employer decide to terminate me immediately? I've heard of people giving two weeks, being asked to leave and still being paid for the two weeks, but that seems like a gamble.

Any thoughts or experience would be greatly appreciated.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 17:37

Post #2 of 37 (13110 views)

Yes, if you're an at will employee they could say "no thanks" to your two weeks notice and show you the door immediately. I've mainly seen this happen if you're leaving to go to a direct competitor. Also, don't think they'll let you stick around when they know they'll be on the hook to give you a large sum of $. If you can swing it, your best bet is to not give your notice until after you're fully vested.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 17:43

Post #3 of 37 (13104 views)

Agree with madcap. Will your new employer wait that long?

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 17:52

Post #4 of 37 (13093 views)

what they said.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [Spiridon Louis] [ In reply to ]

Sep 27, 12 17:54

Post #5 of 37 (13091 views)

Spiridon Louis wrote:

Agree with madcap. Will your new employer wait that long?

I think so. They're wanting sooner, obviously, but I'm dragging out the signing process. Between the background check, drug screening & other HR processes, it'll be at least 3-4 weeks before it's all final anyway. I would think they could wait an extra 2 weeks, but without anyone to ask questions to, I wanted to think this through before I asked them to wait.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 18:12

Post #6 of 37 (13072 views)

Why can't you just tell the new company that you accept their offer but have a later start date? Why can't you be honest with them and say that you don't want to leave the current gig until the end of October because of your 401k vesting?

In my experience, once an employer made an offer, it was pretty much up to me to decide when the start date would occur, within reason.

Erik
Strava

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 18:27

Post #7 of 37 (13059 views)

First post but longtime lurker! Full disclosure - I lead an SBU talent acquisition department for a Fortune 100 company. I agree with what has already been said. Many companies will walk you out the door at time of resignation. This is especially true if your role is client facing and/or there is limited knowledge transfer needed. I would be straightforward about your 401K vesting with the offering company. If they are concerned about a 2 week delay then you should be concerned about joining the company. Also, if they really want/need you to start sooner they may offset the vesting amount with a signing bonus.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 18:33

Post #8 of 37 (13050 views)

I was walked out at one company the day after I gave my notice. Don't risk it. Wait until Nov.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [TruTri] [ In reply to ]

Sep 27, 12 18:36

Post #9 of 37 (13048 views)

They offered to match the 401k, but that would wipe out the signing bonus. Call me greedy, but a matter of two weeks is the difference between having my cake and eating it too.

I let them know about the 401k and they were very understanding. Unfortunately, I also thought a 5 Nov start date was realistic, when mid Nov is the truth, so I wanted to verify my situation before going back to them with a revised start date.

To this point I've committed to nothing in writing. I've received the (very nice) written offer, but have not responded in any way.

-Andrew

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [TruTri] [ In reply to ]

Sep 27, 12 18:39

Post #10 of 37 (13041 views)

Follow on question:

I know 2 weeks notice is only a courtesy. Is there any downside to giving notice and leaving that day? Other than possibly burning bridges? Seems like that would solve my problem, but I have a lot of respect for the folks I work with.

-Andrew

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [TruTri] [ In reply to ]

Sep 27, 12 18:41

Post #11 of 37 (13039 views)

"First post but longtime lurker!"

are you voting for the muslim obama or the fascist romney?

Dan Empfield
aka Slowman

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [AMT04] [ In reply to ]

Sep 27, 12 18:50

Post #12 of 37 (13021 views)

There is no downside outside of what you mentioned. I'd be cautious giving a 1 day notice if you are staying within the same industry. You never know who you will report to and/or want to hire in the future.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [AMT04] [ In reply to ]

Sep 27, 12 18:52

Post #13 of 37 (13019 views)

Two weeks notice is more of a formality and honestly your current employer might not expect much from you anyway. You also don't even have to give two weeks. Give one week the day after your 401k vests. In the meantime, document all of your processes, etc that needs to be part of the knowledge transfer to the new person so you can present it when you give notice. That way you've covered everything in case they do walk you out the door.

The higher up you are in a company the faster they will get you out of the office. Some will put you officially on vacation if you have any time in the bank but they won't let you have access to anything.

At a company I worked at we had a Sr VP leave and four hours after he gave notice he had left the building.

----------------------------------------------------------------------
Jen

"In order to keep a true perspective on one's importance, everyone should have a dog that worships him and a cat that will ignore him." - Dereke Bruce

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [Slowman] [ In reply to ]

Sep 27, 12 18:52

Post #14 of 37 (13018 views)

Can I plead the fifth? :)

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [AMT04] [ In reply to ]

Sep 27, 12 18:54

Post #15 of 37 (13014 views)

AMT04 wrote:

Follow on question:

I know 2 weeks notice is only a courtesy. Is there any downside to giving notice and leaving that day? Other than possibly burning bridges? Seems like that would solve my problem, but I have a lot of respect for the folks I work with.

It is a courtesy that most people would probably suggest that you follow. Especially if you intend to stay in the same line of work. It could hurt you in the long run if you did. You never know when you may need another job.

If the extra two weeks is an issue with you new employer, tell them that you expect that your current employer may allow you to resign without expecting a notice. If that happens, you can be available the next day. But if they ask you to serve your full two weeks, you will honor it out of respect and appreciation for the job they provided you. This will show them that they can expect the same from you in the same situation. I would think they would respect that.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [TruTri] [ In reply to ]

Sep 27, 12 18:55

Post #16 of 37 (13013 views)

"Can I plead the fifth? :)"

as a strict constructionist, the 5th amendment is unconstitutional.

Dan Empfield
aka Slowman

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [Slowman] [ In reply to ]

Sep 27, 12 19:09

Post #17 of 37 (12993 views)

Slowman wrote:

"First post but longtime lurker!"

are you voting for the muslim obama or the fascist romney?

If only there was a third choice. *Sigh*

http://www.slowtwitch.com/...terview/johnson.html

And to the OP - you will never have more leverage with you're new employer than right NOW. They don't want to move to plan B over what amounts to a few weeks, especially since it would take them that long to implement plan B anyway. Most likely they can wait a couple of weeks.

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [Slowman] [ In reply to ]

Sep 27, 12 19:16

Post #18 of 37 (12985 views)

Quote:

as a strict constructionist, the 5th amendment is unconstitutional.

Is that possible? ;-P

-------------------------------------
Steve Perkins

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [steveperx] [ In reply to ]

Sep 27, 12 19:44

Post #19 of 37 (12954 views)

"Is that possible? ;-P"

it is in the bubble.

Dan Empfield
aka Slowman

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 27, 12 20:38

Post #20 of 37 (12922 views)

I recently quit my job, I cleaned up my desk and then Gave a two week notice the next morning, I didn't say where I was going only that I was leaving the company But I did tell a gossipy coworker that I was maybe going to a competitor, That got around to the higher-ups I was in a couple of days I was called into a meeting and told they were taking my resignation immediately. The beauty of the whole thing Is that in my contract It stipulated that if they wanted me to leave before the date i gave them that would be paid for the rest of the time. I just got nearly 2 weeks paid vacation from a job i was unhappy with.

My 401(k) was not vested yet but I don't really care, I was contributing to a Roth that I contributed after Tax income to so that i can cash out and it will hold me over until im earning an income again in a couple months.

who's smarter than you're? i'm!

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 28, 12 5:33

Post #21 of 37 (12861 views)

You've gotten a lot of good advice, not much in conflict either.

Given you level in the company, what have you seen them do with others who have given notice?

You might have a valid legal case if they were to fire you with such a close 401k vesting date. I wouldn't bank on that at all. So if you can work it out to not give notice till after you vest, do so. That's the best option for YOU.

Also, do what JenSW suggested. Make sure you can readily hand over the position to whatever sucker gets it after you. Whether there is overlap or not.

If you're totally leaving your industry, and think you'll never go back or have overlap, you're much less "required" to give 2 weeks. But giving a week or so would be the more classy move.

DO NOT attempt to do work for both companies at the same time. Make sure you have all your personal files off your work computer.

Post deleted by AMT04 [ In reply to ]

Sep 28, 12 5:47

Post #22 of 37 (12855 views)

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [nomad3164] [ In reply to ]

Sep 28, 12 5:49

Post #23 of 37 (12855 views)

Absolutely do not talk to your employer until you have written confirmation that you are vested, period.

"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [AMT04] [ In reply to ]

Sep 28, 12 5:51

Post #24 of 37 (12851 views)

AMT04 wrote:

Follow on question:

I know 2 weeks notice is only a courtesy. Is there any downside to giving notice and leaving that day? Other than possibly burning bridges? Seems like that would solve my problem, but I have a lot of respect for the folks I work with.

Dude, when a company lays people off do they give you 2 weeks notice???

"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06

Re: Quitting Job; Question about giving 2 week's notice and 401k vesting... [AMT04] [ In reply to ]

Sep 28, 12 6:04

Post #25 of 37 (12843 views)

You will only get brimstone and fire from chainpin, know that ahead of time.

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