Rest assured that all monies you put away in a defined contribution account, as well as any growth, will always belong to you. Getting your hands on this money may be difficult, however, if your employer has a required waiting period. It may be a few years, although the government will not permit a waiting time of more than seven. This period is called “vesting.” Traditional defined benefit plans may also have a vesting period before you can receive benefits.

Ask for specifics about any plans at your work. You may discover that some plans vest in stages and others right away. According to writers on the Web site The Investment Faq, employers are required to offer one of two vesting schedules, either a three-year “cliff” plan that would get you fully vested in three years; or a six-year “graded” plan. The latter steps up your vesting by 20 percent in years two through six. SEP plans and SIMPLE IRA are examples of plans in which you have no waiting period. Understanding vesting rules associated with the plan offered by your employer may influence your thinking about when to change jobs. Jumping around too quickly may cost you money. Check the section on conversions and rollovers for more information on having your money follow you.