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Removing unvested employer match contributions from my retirement account

Using Quicken for Windows Premier 2017.

I was employed with a company where I contributed 3% to a retirement account and the employer (matched) contributed 3%. With each paycheck it showed under Pre-tax deductions my 3% into the Retirement Account and it also showed the Employer Match of their 3%.

I have left that company and 0% of the employer match is vested. My contributions totaled a relatively small amount in total and I have elected to take the whole amount as a taxable distribution.

I see that the Retirement Account shows a balance that includes the unvested employer matches. Outside of going back and editing each paycheck recorded in the system and changing the Employer Match to $0, after recording an entry for the distribution event, what can I do so that the Retirement Account balance is $0
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Answers

  • Thank you Bob.

    Because there were under 20 paychecks, I actually edited each paycheck, changing the Employer Match field to zero. I did this in part because there are no 'shares' involved, no specific Security involved. That is, the employer was a state government organization and the retirement funds were not managed by a company such as Fidelity or the like.

    When I cashed out, there was an increase in the value. For example I contributed $500 and the total value at the time of the Distribution was $590. I ended up creating an "Update Cash Balance" record within the Investment Account to account for the increase, but I suspect that this is not the best way to handle this. Do you have any thoughts on a better way to record this increase?
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    Not really.  Seems like the distribution is what matters.
    Quicken Premier Subscription, Windows 10 Home
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