The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: frugally on February 13, 2014, 06:58:23 PM
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We've got a good discussion going in the general forum (https://forum.mrmoneymustache.com/welcome-to-the-forum/changing-the-perpetual-'i-can't-afford-it'-mentality-around-401k-plans/) about 401ks and started talking about matches. I'm really curious as to what everyone's 401k match is, as I'm seeing some much higher numbers than I anticipated. I was originally guessing 3-4% would be the most common value.
If the poll wording is confusing, here is an example:
You contribute 6% to your 401k and your employer contributes 3%. Your answer would be 3-4%.
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My employer doesn't offer a 401k, so I put 0.
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Good point, added an option for that.
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My employer automatically puts 6% into your 401k and will match up to an additional 2%, so as long as you put in 2%, you get 8%. Fully vested after 3 years. It's a pretty nice deal!
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Poll police here: We also need to know about VESTING
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Good point, added an option for that.
Can you make the selection changeable?
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not a poll, but relevant
https://forum.mrmoneymustache.com/ask-a-mustachian/how-much-does-your-company-match-for-your-401k/
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No match, but we have a DB pension, so hard to complain. Also have both 403b and 457.
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My employer kicks in a 4% core contribution and will match up to 4% on top of that with no wait for vesting. This is the first job I've had with a 401k option, but it seems like a good deal to me.
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My employer does a 100% match up to 10% of your income and every year you have with the company equates to 15-20% vesting increase, 100% vested after 6 years. Got to love free money :)
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I maxed it out last year, which required me contributing close to 1/5th of my paycheck. Employer offers dollar for dollar match for the first 4%, contributions are vested immediately.
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My employer matches up to 4% for employees who contribute at least 6%. Their contributions are vested at 20% after the first year, on a 5 year schedule to vest fully.
Like me, many employees in my branch are contracted to assist other companies on a project basis. Since I don't know how long I will be with the company, I think of the employer contributions the way I do about Social Security - I don't count on it. I'm not sure if my coworkers think the same way. If a project were to end and a subsequent layoff occurred, I would hope they do the decent thing and fully vest the employer contributions as part of a severance.
My previous employer's plan was better. They matched up to 4.5% for employees who contribute at least 6%. However, the employer's contributions were 100% vested immediately.
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Mine does a 50% match on up to 6%, so I put 3-4%.
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Mine doesn't do it so simply. They match 100% up to $100, then 10% up to a $500 max regardless of income. That means if I put in $4100, I get $500. Also the only contribute in a single lump sum after the calendar year has passed. I prefer to look at it as an immediate 12% return on my $4100. At least there's no vesting period.
Edited to add this:
My employer makes up for such a lousy match with a Profit Sharing system. This is a straight up salary percent into a separate retirement account, no matching required by employee. I've heard people say that in truly banger years that contribution was in the 20-30% range. Last year, a poor year in the recession, contributed about 4%. This account does require a 3 year vesting period.
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My employer matches 75% of your contribution up to 8% of your salary. So to get the max employer contribution, I put in 8%, they put in 6%. 3 year wall for vesting, so you're not vested in any of the employer's match until your 3rd anniversary.
This is on top of an automatic DB Pension Plan that requires no (monetary) contribution from the employee. Annual pay credit starts at 3%, and then increases based off of years of service and age maxing out at 7.5% down the road. Annual interest credit is 5%.
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100% on the first 3% I put in, 50% on the next 3% I put in.
Works out to 4.5%, meaning I can't answer this poll. :)
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100% on first 3, 50% on next 2, so 4% overall. 100% vested immediately which is nice.
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Ours is complicated: they'll match up to 6%, but it depends on how well the company is doing. The low end is a 25% match up to a high end of 125%, which is distributed to us quarterly. It makes sense, I guess, to match company performance to the match, but it makes it hard to figure out how much money they contribute.
Oh, and of course, I came on right after the company's hey-day matches of 125% and have received a 25% to 50% match for most of my 7 years here.
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Fed, 5%
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There's no matching but they put in the equivalent of 8% of your salary once a year.
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My company matches 50% up to 2.5%. So I'll put in 5% for a 2.5% match. You're eligible for the match 1 year after your full-time start date, and it vests 3 years after your full-time start date. I work at a non-profit for comparisons sake.
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Whatever it took to get $23500 ($17.5 plus catchup) out of my gross income and away from Uncle Sam.
Frank
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My company matches half of up to 5%, so 2.5%. I'll skip the poll since neither options apply.
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Mine does 3% if you do 6%. Fully vested after 4 years.
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Good point, added an option for that.
Can you make the selection changeable?
Done.
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My company offers a 50% match up to 6% salary contribution so 3%.
The downside is that if you want to max out your 401k most people need to contribute MUCH more than 6% of their salary. Only people earning about $290K per year can max out at 6%.
These caps on matching funds benefit the highest salary employees the most. The same people who are less dependent on their 401k for retirement.
Gotta love the system!
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My company offers a 50% match up to 6% salary contribution so 3%.
The downside is that if you want to max out your 401k most people need to contribute MUCH more than 6% of their salary. Only people earning about $290K per year can max out at 6%.
These caps on matching funds benefit the highest salary employees the most. The same people who are less dependent on their 401k for retirement.
Gotta love the system!
Why shouldn't this be the case? What retirement/pension system is NOT based on salary?
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Me: 6% match, no max.
Wife: 100% match, $500 max annual. Frequent profit-sharing contributions at the end of the year. Nothing last year, but it's been $10K+ over last 5 years.
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My company offers a 50% match up to 6% salary contribution so 3%.
The downside is that if you want to max out your 401k most people need to contribute MUCH more than 6% of their salary. Only people earning about $290K per year can max out at 6%.
These caps on matching funds benefit the highest salary employees the most. The same people who are less dependent on their 401k for retirement.
Gotta love the system!
Why shouldn't this be the case? What retirement/pension system is NOT based on salary?
The issue is that lower salary employees who put in enough of their salary to max out their 401k get the match capped at 1/2 of 6% of their salary (using my example). For example someone making $75K only gets a match of $2250 (1/2 of 6%) no matter what. This discourages the employee from contributing more because they do not get any more match. On the other hand someone earning $300K can max out their contributions with less than 6% of their salary thus getting a match on the entire amount.
Who is more likely to be dependent on their 401k in retirement. The worker earning $75K or the one earning $300K?
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Mine matches up to 3-point-something% (used to be 4, but they lowered it) if you contribute 5%, and you are fully vested after 6 years. That was actually a BIG consideration in my staying there - at about 5 years, I was seriously SERIOUSLY looking at leaving, but leaving some of that money on the table was a large part of why I didn't. Then I asked for, and received, a raise, which certainly helped.
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My company offers a 50% match up to 6% salary contribution so 3%.
The downside is that if you want to max out your 401k most people need to contribute MUCH more than 6% of their salary. Only people earning about $290K per year can max out at 6%.
These caps on matching funds benefit the highest salary employees the most. The same people who are less dependent on their 401k for retirement.
Gotta love the system!
Why shouldn't this be the case? What retirement/pension system is NOT based on salary?
The issue is that lower salary employees who put in enough of their salary to max out their 401k get the match capped at 1/2 of 6% of their salary (using my example). For example someone making $75K only gets a match of $2250 (1/2 of 6%) no matter what. This discourages the employee from contributing more because they do not get any more match. On the other hand someone earning $300K can max out their contributions with less than 6% of their salary thus getting a match on the entire amount.
Who is more likely to be dependent on their 401k in retirement. The worker earning $75K or the one earning $300K?
Probably the one earning 300K, since the worker earning 75K will receive a much higher percentage of their salary from Social Security.
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We had it made with a defined benefit pension until July of 2012. I have 20 years in that plan. if I choose that plan then at 55 I can draw about 35k annully fixed till death. Now we have a cash balance plan. The plan is currently worth $225,000 and my company is adding 14 percent annually plus interest. In addition they match 4 percent into the 401k.
Totals: 2013
My 401k controbution. Maxed at $17,500
Company match 401k $4700
Cash balance plan company contribution $16,900
Nearly 40K a year in company programs each year. We max Roth IRAs for another $11,000.
My wife is also contributing about $3,000 and getting a match of about $1,500.
Roughly 55k per year in total tax deferred retirement savings per year.
My cash balance plan will be cut by $165,000 as well as its portion of interest if I take the old pension at 55. I plan to leave at 50. I'll have to wait for 5 years but then 35,000 for life. That is $1,000,000 over 30 years. However the $165,000 is worth over $1,5000,000 in 35 years at 7 percent. A nice legacy.
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My employer allows fully vesting within 1 year of service (hit this years ago). Matches generous 5% for my first 5% of my contribution. Adds up to about $6K per year. A few years ago, they also gave an automatic 4% on your salary into a pension. They've since stopped that, but when I leave the company, I can roll that "free" amount into a rollover IRA, so I am pleased as punch.
DH gets 3% of his first 6%. I'm pretty sure he is vested now (he's been there 4 years in June).
So I guess our employers pitch in around $10K per year between us.
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This is a super old post, but I still wanted to reply :)
My employer matches 25% up to federal contribution limits. So, if I put in $18,000, my employer puts in $4,500. For me, it equals about 11.25% of my salary.
It's a pretty sweet match, but you have to contribute a lot to get a lot out of it. If you only put in 6% of your salary, you'll only get 1.5% out of it.
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My employer matches 100% up to 6%.
4% vests immediately, the remaining 2% vests after either 2 or 3 years (cant remember which).
Seems to be on par with most bigger companies which I'm happy with given the small size of my firm.
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My employer uses a SimpleIRA, which only allows matching up to 3% (which is how much they match). SimpleIRA also maxes out at $12,500, which is kind of a bummer. I do miss the days of working in higher ed where I generally got something like 8-10% of my salary contributed *plus* a match.
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My employer uses a SimpleIRA, which only allows matching up to 3% (which is how much they match). SimpleIRA also maxes out at $12,500, which is kind of a bummer. I do miss the days of working in higher ed where I generally got something like 8-10% of my salary contributed *plus* a match.
I can't get my employer to move to a Simple IRA because they can't afford the 3% match and it's required as part of the SimpleIRA :(
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I have a 403b, but like others said, it's the same idea as a 401k.
My employer matches 100%, up to 5% of salary.
In addition to the 403b, we have a defined benefit plan (pension) that we are required to contribute to, at 6% of our salary. The state also kicks some in, but I don't remember what it is.
We also have access to a 457, which does not have any matching, but provides another tax-sheltered way to save. In addition to the $18,500 (is that right?) you can contribute to your 403b, you can contribute another $18,500 to your 457, and you do not have to wait until you are a certain age to access it--it is available with no penalties upon separation from my employer.
So overall, not an outstanding match (I'm jealous of those whose employers contribute more!), but we do have a lot of options available for people who are savers.
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My company froze the pension so, now they match with 7% if I contribute 6%. After 6%, no matching.
I just upped my contribution to 13% so, I net 20% after match.
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If I put in 6% my company puts in 4%. I do contract work so this job is temporary. It's fully vested as of day 1 which is very, very nice given the circumstances.
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4.2% match + an annual lump sum drop in
(it is worded as 70 cents per dollar contributed up to 6% of covered compensation)
The lump sum drop-in is a % of gross salary based on years of service. Starts at 3% and goes up to 7% with 21+years.
Everything is immediately and fully vested.
Just found out they are switching from Mercer to Fidelity in 2016, so i am looking forward for some (hopefully) lower cost funds.
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My employer doesn't provide any match but the hourly rate they pay is pretty good for my hobby job which is in theory part time.
I am beyond FI so its debatable whether I should bother to continue to contribute.. But I max it out because it reduces my tax bill. and I can take it back when we are in a lower bracket... And maybe even in a no income tax State!
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My employer matches 50% up to the first 6% (3%), which is immediately vested.
Then if you're 20-29 y.o. you get an additional 3%, 30-39 y.o an add'l 4%, 40-49 y.o. an add'l 5%, 50+ an add'l 6%. So 6-9% based on your age. Don't know of many other employers that do it this way, but the add'l money was instituted after a pension freeze. The add'l money is vested after 3 years of service.
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Fed, 5%
To clarify -
.gov gives us 1% for free
Then they match 1 for 1 for 3%
then they match 1 for 0.5 for another 1%.
So technically they only match 4%, but to get our full "5% match" you need to put in 5%.
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Curious to see what the results of this poll are. My employer does not currently match, but will be implementing one as part of a series of changes for 2016. I understand it will be "modest", but that isn't a number.
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No match, but for the time being my company does have a really generous ESPP plan that has netted me more than the match would have even when accounting for taxes. HR says they're considering offering a match once the first round of ESPP is done as our stock has leveled off a bit, but we'll see if it actually happens...
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33% up to and including the first 6% put in. Vesting 20% per year, for a total of 5 years to being fully vested.
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I am bothered that there is no 8-9% bracket.
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My employer has 2 types of contributions to our 401ks. One is based on company profits but usually is about 7% if the employee contributes 6%. The second one is based on years of service and doesn't require employee contribution. So depending on the employee's situation and company profits, the company contrbutes a total somewhere between 6% and 19%. This year I'll be getting 16%.
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I don't technically have a match at all. My employer contributes 6% to a pension without any need for me to contribute but this is not a 401k nor is it a match.
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My company matches the first 3% then another 1% for your 2%. So in other words if you put in 5% they match 4%. Six years to be fully vested... I am already there... how time flies!
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My match is 4.6% if I contribute 4%. It is dropped as an annual lump sum after the end of the calender year. Vesting is 100% at 5 years, 0% before.
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Not a 401k (cuz not American ) but get 6% match for kiwisaver* whoot!
*kiwisaver is the national super type scheme and employers are obliged to provide a 3% match and apart from District health boards, I haven't heard of anyone else getting more than the minimum. So yay!
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Match 75% up to 6% of salary. Give us 2% no matter what.
Ends up that if I put in 6, they put in 6.5. That's the maximum. Thankfully, we have a Roth 401k option AND can do after tax deposits. Maxing all that out to the legal limit.
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50% match on your contribution up to the max they are allowed by law. So I contribute $18,000 and they contribute 9,000.
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My company gives 5% on 100% of base salary and everyone is fully vested from first date of hire. We also usually profit sharing contributions added to our 401k annually.
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I have a 401(a) with a delightful 13% match to my mandatory 2%. Pretty sweet deal. 3 year waiting period before eligibility was not sweet though. Automatic vesting, however, and the whole thing goes in dirt cheap vanguard index funds. Then there is also the 403(b) and the 457(b) (in Vanguard!) that also let me put another $36,000 tax deferred away. No other employer can come close to that that I've looked at. While the pay could be higher, I have to remind myself that the tax savings of these retirement plans is worth $12,000 of salary when I compare to outside job offers.
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We don't have a match. They just put in 10% for you. I work retail and most people (long term employees) only have this saved. They do offer a 401k that you can put in too. It's nice with the low wages and so many people I work with are literally hand-to-mouth, that at least they will end up with something to go with their social security.
Husband's company matches 50% of the first 6%, so put in 6%, get another 3%.
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50% match on your contribution up to the max they are allowed by law. So I contribute $18,000 and they contribute 9,000.
Wow! Lucky...
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As typical working in a big law firm, no employer match or contribution for associate attorneys. (Staff get an annual contribution, and I believe the income partners do, as well.)
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Contribute 5% or more, then get a 4% match.
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As typical working in a big law firm, no employer match or contribution for associate attorneys. (Staff get an annual contribution, and I believe the income partners do, as well.)
Go in-house! Way better lifestyle and much more relaxed (although the pay could be higher).
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3% match that gets vested over 6 years (recently extended from five, so I effectively got no match last year). Employees not allowed to contribute until after 1 year of service.
aka - practically worthless when combined with the high fees (.4 is the lowest).
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We do pre tax I put in 3% they put in 15% so I put in a $1 they put in $5 so it is huge!
After tax I put in 4% they put in 2% so I put in $1 they put in $.50 so a 50% match
Boils down to 7% of my annual salary and they kick in 17% every year.
It's the best plan I have ever seen and a huge reason why I will stick around.
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Old employer was 5%. New is 2% but with 1% going into each of two pension plans that I don't really understand. I just started, though, so matching hasn't started yet.
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No match for me, but I do get a pension, and can contribute with no match to 403b/457b.
My wife gets 10% of her salary in matching if she puts in 4%.
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I put 9%+ although this is technically not accurate, my company has an ESOP(Employee Stock Ownership Plan) where they give me company stock equal to 10-15% of my salary every year, it's been 14-15% each of the 4 years I've been here so far. It's risky having so much stock in one company, but it's free stock so I can't complain.
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I replied to this back in the day, but I now have a different job and they have an interesting 401k match. They will contribute up to a certain percentage of the total amount you contribute. The match is contributed in a lump sum at the beginning of the following year, and you don't know how much they'll match until they're about to do it. Last year it was 35%, the year before was 25%. Meaning if I'd contributed the full $17,500 they would've contributed $6,125. It's immediately vested.
It's a pretty sweet deal, I think I'll be a little shy of the max at $14k or so this year, so that'll be just under $5k match, or more if they up the percentage again.
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I put 9%+ although this is technically not accurate, my company has an ESOP(Employee Stock Ownership Plan) where they give me company stock equal to 10-15% of my salary every year, it's been 14-15% each of the 4 years I've been here so far. It's risky having so much stock in one company, but it's free stock so I can't complain.
Do you have the option to sell the stock? My company grants stock as well, and I sell it immediately when it vests and put the money in index funds. Not selling it when you can is no different than buying stock in that one company, which is something I wouldn't do.
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My company matches 100% for the first 3% that you put in, then 50% for the next 2%. So if you put in 5% (or more), you get the full company match, which is 4%. It will be fully vested at 5 years of employment - October was three years for me.
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Free 5% of Salary
First 3% of Salary = 100% Match
Next 6% of Salary = 50% Match
So 11% Of Salary
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I'm impressed by the generosity some of the responses indicate! I've only ever learned about 401k/match details at the job offer stage, when given a benefits summary guide. It would be nice to know earlier, as a consideration before applying. Does anyone know a website that compares company plans? www.brightscope.com is the only one I've found. Its "company generosity" rating gives you an idea, but not the level of detail we're getting into here. If a prospective company requires you to wait a year to even participate and offers a crummy match, I'd rather know ahead of time and focus elsewhere.
In any case, my situation has changed since replying before. The new company matches 100% for your first 3% contribution, then 50% for your next 2%. You get the full 4% match by investing 5% or more. There is no participation waiting period; you can invest in the plan immediately. Company contributions begin 1 year after you start service and vest immediately. A nice feature of the plan is that after-tax non-Roth contributions are allowed and you can do an in-service withdrawal to a Roth. Also known as the Mega Backdoor Roth, MadFientist explains (http://www.madfientist.com/after-tax-contributions/) why you might want to take advantage of this, if available to you.
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50% of first 6%, and an additional 10% lump sum contribution every February for a total of 13%.
My wife's is 2%, and it moves down to 1% next year with some pretty bad investment options.
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I put 9%+ although this is technically not accurate, my company has an ESOP(Employee Stock Ownership Plan) where they give me company stock equal to 10-15% of my salary every year, it's been 14-15% each of the 4 years I've been here so far. It's risky having so much stock in one company, but it's free stock so I can't complain.
Do you have the option to sell the stock? My company grants stock as well, and I sell it immediately when it vests and put the money in index funds. Not selling it when you can is no different than buying stock in that one company, which is something I wouldn't do.
I don't have this option, they recently started letting people 55+ that have been here over 10 years sell 10% per year, but I'm not in either of those categories so am stuck with their stock until I leave the company.
Also my vesting period starts after 1 year, then goes up 20% per year, so i get nothing the first year, then I start vesting but am vested at 0% and after 6 years I'm 100% vested.
They also offer a 401k without match as well and they offer the fund VINIX(very low expense ratio S&P 500) which I put 100% of my 401k into, it's better than any fund I can get in my IRA. I'm very happy with the offerings of my company and feel very lucky.
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Mine is pretty good. They give us 1% and then match 1:1 up to 5% of salary. Vested after 3 years.
My sister's is terrible. They get 10% of their contribution up to 5% of their salary, so the match maxes out at 0.5%. They aren't fully vested for something like 6 or 7 years either.
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Ours is pretty good for a nonprofit. You can start in the 401k immediately, no waiting period. But there is a waiting period for the match, you have to have worked there for 1 year before they will start matching but then you are vested immediately. 100% match up to 3% of salary and then 50% match at 4-5%. So if you do 5% you get a 4% match. I've never had a deal this good at any of the other nonprofits I have worked for.
For executives, we also have 457f plans. With Board of Directors approval, 10% of my salary goes in there every year. So far they've done the 10% the last two years for me (as long as we've had the plans). However, the only way I get this money is if I work there until I'm 65. So I just pretend this benefit doesn't exist, haven't even bothered to choose investments for the money.
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I don't have a match. But I must contribute 8% and my employer contributes 11.2%. These are mandatory and can't be increased. However, I also have a 403b option, into which I can put another $24,000 per year, since I am old.
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On my 403b, it's a 3% match (half of my contributions up to 6% of my salary).
We also have a 401a that I can't contribute to. Last year they put in $1208.04, and 2015 YTD is $1238.50. I can't for the life of me figure out the contribution math there.
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My 4% match was terminated in April. Bad time.
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Employer contributes 3%. Employer also makes an optional 1% safe harbor contribution. Then employer gives 100% match on first 4% of salary. Thus, if I contribute 4%, I get 8% from employer, for 12% total. 100% vested immediately. There was a one-year waiting period before I was allowed to participate in the plan.
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Not a match, but automatic contributions of 9%, regardless of your personal contributions. So that's pretty awesome.
Our vesting is rough, though. 0% vested until 3 years, then you get 20% vested each year, so it takes 6 years to fully vest
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Not a match, but automatic contributions of 9%, regardless of your personal contributions. So that's pretty awesome.
Our vesting is rough, though. 0% vested until 3 years, then you get 20% vested each year, so it takes 6 years to fully vest
It seems like the awesome employer matches often come with a catch. It is partially how they afford to be so generous, knowing that a lot of people will end up getting nothing or very little by not sticking around long enough. Just be thankful you still got contributions the 1st 3 years (even if not vested). At my place, the first 3 years you have to sit on the sidelines before they start kicking anything in. Of course once they do, it is 13%, but a lot of people probably don't make it 3 years. Or, if you quit after 4 years you'd be wishing you had a 4% match all 4 years instead of 0% for 3 and 13% for 1.
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Not a match, but automatic contributions of 9%, regardless of your personal contributions. So that's pretty awesome.
Our vesting is rough, though. 0% vested until 3 years, then you get 20% vested each year, so it takes 6 years to fully vest
It seems like the awesome employer matches often come with a catch. It is partially how they afford to be so generous, knowing that a lot of people will end up getting nothing or very little by not sticking around long enough. Just be thankful you still got contributions the 1st 3 years (even if not vested). At my place, the first 3 years you have to sit on the sidelines before they start kicking anything in. Of course once they do, it is 13%, but a lot of people probably don't make it 3 years. Or, if you quit after 4 years you'd be wishing you had a 4% match all 4 years instead of 0% for 3 and 13% for 1.
Oh, I'm definitely thankful for it. I think they'd had a big problem with people leaving to work for competitors just when they'd gotten fully trained. This system certainly encourages you to stick around. :-)
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DH has an awesome match, I think. 6% matching, and also a 5.5% non-elective contribution from his employer. The latter is based on years of service.
Next year I will get a 4% match from my company (it's actually my own company, I set up the plan). I guess I should be a more generous boss and set it up for 6% but it's a start. I was thinking maybe we'd do a non-elective contribution at some point as well. My partner has a say though, too and he prefers the 4% for now.
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Mine was 75% of first 6% contributed (so 4.5% of salary).
However, my company may be nixing its cash balance pension plan very soon. Part of the proposed change is 100% match on first 6% to 401K PLUS an automatic contribution of employer $$ equal to 6% of employee salary. So essentially a 12% match! I like it.
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My wife's matches 87.5% up to 8%, vests after 3 years (so 7%). My company matches 125% up to 4% (so 5%) and vests after 3 years. Both are pretty decent!
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A lot of you have pretty awesome matches! I've never had anything better than 3.5%.
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3% to 6% of salary subject to vesting.
2% of salary, not subject to vesting/matching/any participation at all. Will go up to 4% Jan 1.
So it is 5% matching until the end of the year, whereby it then goes up to 7%.
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At my nonprofit we get a 1:1 match of 4% on the 401(k). It was a year's wait to participate in the plan, then another year until vesting. We are supposedly getting a bump up to 5% match in about 6 months.
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I am now under a defined contribution 401(a). I am obliged to put in 8% (of salary) and the employer 11%. My employer isn't much behind peers in the state, which range from 11.1% to 11.4%, but notably different than one other peer which puts in 16.2% (10% plus employer pays for employee's social security).
Oh, also 100% vested day 1. Employer contributions are deposited on payday.