Pacific Gas & Electric is reporting a problem with the 401K match for IBEW members. The following information is being posted for our members at PG&E’s request:
- There was an unexpected error in the implementation of the new $0.60 company match for 401k.
- This is a known issue…there is no need to call Payroll or HR.
- Involves Friday paychecks for union-represented employees only and only for those contributing at least 6% (or at least 3% if that is their limit) reflect the old $0.50 match. All unions, all pay cycles are affected.
- Match amounts are correct for union-represented employees contributing less than 6% (or less than 3% for those subject to that limit) – $0.60 per dollar.
- PG&E is working on solutions now, and all missing match amounts will be credited to employees’ Fidelity accounts as soon as a solution is in place.
- All employee accounts will be updated for market changes attributable to the missing match, as if it had been credited to employees’ accounts of January 21, or using a legally-mandated correction interest rate.
- Corrected match calculations are anticipated to be in place by the next regular pay cycle.