A Vested Employee

Discussion in 'Business Operations' started by lawnspecialties, May 21, 2007.

  1. lawnspecialties

    lawnspecialties LawnSite Silver Member
    Posts: 2,513

    Some of you have seen my thread about going full-time and leaving the fire department. But several folks have told me to stay with the city until I have five years with them (Oct. '07) and I will be "vested". But not everyone seems to know exactly what this means. Anyone here really know what it means to be a "vested" employee? Thanks:)
     
  2. YukonG

    YukonG LawnSite Member
    Posts: 93

    It means you might be eligible for some pension/retirement benefits. But you need to check company policy. More and more companies are going to a minimum 10 year vested term. Be sure to check on all specific benefits.
     
  3. T.E.

    T.E. LawnSite Senior Member
    Posts: 799

    If you have a five yr vesting, you'd probably be 100% vested. Which simply means that ALL of the money the city put in your retirement is 100% yours when you quit working for them. The 10 yr vesting is news to me. I worked in a union shop that was 10 vesting, and it changed to 5 yr (they were helping the workers out) come to find out the gov. was the one that forced the change to 5 yr max. may be different for you though. Later, tony
     
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    also you have a 401 and stocks... these are now " at the time of vested" your to do with what you want... KIND OF.....

    diffrent compneys have diffrent rules. I'm sure you can call someone with in the company and find out... "the Human Resorce office....

    to be totaly Honest.... I would stay with the fire dept.... you have a retirement 2nd to none........ in this business the best we can hope for is a "IRA" and with my experance most guys here dont even know waht that is.

    Actually I would like to be rather frank with ya......and plz dont take this the wrong way..... But you would have to be CrAzY to want to leave a the civil service to mow lawns......
     
  5. NewWave

    NewWave LawnSite Member
    Posts: 93

    Vested means exactly what they say above. I was a Paramedic for several cities before I opened my own company. They would take 7% out of every check of mine. After 5 years of fullt ime employment they would match my 7% with their 14% for all 5 years and the years to come. Now if I quit or was fired before the five years they would match nothing. I would only be left with my 7%.

    I wouldnt leave the FD if I were you. You cant beat the benefits and retirement. You would get kille don insurance for you and your family. In my opinion it wouldnt be worth it. If you have the business and accounts go find yourself a good guy or two who can mow the days you want off. Your job with the FD is as secure as one can get unless you royally fugg up. I left EMS because its an entirely different beast. No job security, benefits didnt even compare with FD or PD, lack of respect. EMS is the ugly step child of public service. I do miss it but plan to get my fire cert within the next year or two and get in with a FD for the benefits alone. Put your 20-30 years in and retire with full benefits. Retire in your 40's if you wanted to. Just couldnt draw until you were 50.
     
  6. IA_James

    IA_James LawnSite Silver Member
    from Iowa
    Posts: 2,593

    ^^^^^^^^^^
    What those guys said. Do it part time like me and get the best of both worlds. Some extra money and getting to go out and get dirty, and let somebody else pay you and your family's insurance and such.
     

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