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Message
re: 401k company match question
Posted on 11/30/22 at 11:21 pm to Jag_Warrior
Posted on 11/30/22 at 11:21 pm to Jag_Warrior
My company is a straight 3% of my salary in safe harbor Roth 401K deposited over 24 payments, regardless of my contributions. I max out my 401K Roth and catch up as well.
About 30K / yr into Vangard Growth Index (VIGAX) with simple dollar cost averaging.
About 30K / yr into Vangard Growth Index (VIGAX) with simple dollar cost averaging.
0
Posted on 12/2/22 at 11:58 pm to umrebel2009
When I started with my company I received a pension, 6% matched 100%, profit sharing, and a 15% quarterly bonus put into company stock with no fees. This was the norm for over a decade and now all I get is 3% matching. How could this be? Corporate greed or just blame covid?
Posted on 12/3/22 at 11:59 am to OU812
How long ago was that and when did it end?
Posted on 12/3/22 at 2:12 pm to umrebel2009
Mine is matched based off how much I contribute. Each paycheck it varies.
Posted on 12/3/22 at 10:11 pm to OU812
quote:
How could this be? Corporate greed or just blame covid?
Ask your company the change in their cost of your health insurance.
ETA- depending on your industry, ask about their regulatory costs over the last 15 years. Im guessing increased energy costs haven’t been beneficial for your company’s profit perspective.
You want to bitch about your employer, look at some of these inputs under some government control first.
This post was edited on 12/3/22 at 10:16 pm
Posted on 12/4/22 at 12:20 pm to Bacchus
Mine is 100% match up to 3% of salary then 50% match the next 2%..
Not sure if that is good or bad, I assume it's about the middle of the road.
That's each pay period so twice a month roughly.
Not sure if that is good or bad, I assume it's about the middle of the road.
That's each pay period so twice a month roughly.
This post was edited on 12/4/22 at 12:21 pm
Posted on 12/4/22 at 7:47 pm to OU812
quote:
When I started with my company I received a pension, 6% matched 100%, profit sharing, and a 15% quarterly bonus put into company stock with no fees. This was the norm for over a decade and now all I get is 3% matching. How could this be? Corporate greed or just blame covid?
Every situation is different.
I was talking to an executive who said they are upping salaries and skimping on benefits. So far, it is attracting and retaining talent better. They still aren't sure of long term consequences. But so far so good in attracting talent.
Posted on 12/4/22 at 7:53 pm to GeauxTigersGo
We are 50% match up to 8% of my salary (so a 4% 401k contribution, effectively).
I do get a cash value pension at an additional 5% of gross pay.
And we get $1,000 into our HSA each year.
I do get a cash value pension at an additional 5% of gross pay.
And we get $1,000 into our HSA each year.
Posted on 12/5/22 at 3:04 pm to umrebel2009
quote:
Also her office manager was pretty clueless about it too, she told my wife that if you put 6% in you get a 50% match..
You can call the company that the 401k is through and they can explain everything. At least T.Rowe Price has done this for me in the past.
Posted on 12/5/22 at 10:47 pm to GeauxTigersGo
quote:
Mine is 100% match up to 3% of salary then 50% match the next 2%..
Not sure if that is good or bad, I assume it's about the middle of the road
This is exactly what ours just upgraded to. Before, it was 30% of the first 5%/salary paid out once a year. Now, it's more money contributed plus it's paid out once\month. It is a nice bump up and I'm grateful.
Posted on 12/7/22 at 1:03 pm to supadave3
We were bought out last year and they are starting to align benefits for us legacy employees with the new larger corporation. We're going from 50% match up to 3% of employee contributions to a much better 100% match of 6%.
Of course it's looking like some other parts of the total compensation package may trend the other way but alas...you win some you lose some.
Of course it's looking like some other parts of the total compensation package may trend the other way but alas...you win some you lose some.
Posted on 12/7/22 at 8:58 pm to umrebel2009
Is it possible the match has different entry requirements than 401k deferrals? Such as immediate to defer and 3 months to get match?
Also someone is doing that calculation - either their payroll or the record keeper. They should be able to answer the question.
Also someone is doing that calculation - either their payroll or the record keeper. They should be able to answer the question.
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