Exelon’s 401(k) vesting schedule depends on your years of service. This means you don’t own all the money contributed to your account immediately. Your employer’s matching contributions vest gradually.
Employer Matching Contributions Vesting
Here’s how it works:
- Years 1-2: You vest 20% of your employer’s matching contributions each year. After two years, you own 40% of the total match. Years 3-6: You vest an additional 20% annually. At year six, you own 100% of your employer’s match.
Your own contributions, however, are always 100% vested. This means you can withdraw them at any time, regardless of your employment status with Exelon.
Important Considerations
Review Exelon’s official plan documents for the most up-to-date information. These documents are available through Exelon’s internal resources, usually accessible via your employee portal. Contact the Exelon benefits department if you have any questions or need clarification on your vesting schedule.
Example
Exelon matches 50% of your contributions up to 6% of your salary. You contribute 6% of your salary. Your employer matches 3% (50% of 6%). After one year, you are vested in 20% of the 3% match (0.6%). After two years, you’re vested in 40% (1.2%). After six years, you own 100% (3%) of the match.
Remember, this is just an example. Your specific vesting schedule and employer match percentage may vary depending on your plan and employment details. Always refer to the official plan documents for accuracy.
