How many here have employers that do 401k matches?

[Pliablemoose]

I can (& do) contribute 13% of my base salary, employer matches 100% of the first 5% of my base. The extra 8% I contribute is just sheltered from taxes.

I could pay for the lease on a Lexus with what I contribute, & a lot of my friends do just that...

 

[kranky]

50% match of my contributions on the first 6% I contribute.

 

[RossMAN]

My employer has quite a generous 401k match program

Match 50% up to 6% until your first year of service
Match 100% up to 6% after 1 year of service

Maximum contribution is 25% a whole QUARTER of your paycheck!

Currently I'm at 10% and think I'll leave it there for a while, it lowers my annual taxable income and is a nice tax shelter.

 

[ggavinmoss]

I get 0% matching, but there's a reason: I get 15% of my total yearly compensation (salery + bonues) invested in my company's mutual funds at year end.

-geoff

 

[MogyBear]

My employer doesnt do 401ks but he does suck my Deleted all night...it feels real good....i get a warm tingly feeling

Find another site to post your garbage at as your days posting here are finished

 

[spacelord]

I get 100% matching on my first 6% contributions.

I get no stock. in fact we aren't traded. .. but have pension plan too.

I'm sure Enron employees are thrilled with their stock plan...

 

[Woodie]

401k matching depends on salary band:
If you're in the bottom band (least pay), they'll match $3 for $1, plus they'll drop in some w/o match.
Middle band: $2 for $1
Top band: $1 for $1

I'm not sure what the maximum matching is.

 

[richardycc]

Originally posted by: CPA

Originally posted by: fastz28
100% match for first 3%, then 50% match for next 3%. Always 100% vested.

Same here. Do we work at the same company???


edit: Could be, we're both in Texas.

my gf's company has the same thing, and her company is out Tx too. W?

 

[lupohki]

50% match up to 8%

 

[Electric Amish]

Originally posted by: justint
I have been reading about a lot of companies discontinuing 401k matches. The match is one of the greatest benefits of my job between 11-12% of my base salary whether I contribute or not

That's very nice!

Mine is 100% match up to 6%

amish

 

[RossMAN]

Originally posted by: lupohki
50% match up to 8%

I've never fully understood why companies do this.

The end result is a 4% match, right?

 

[NetGuySC]

 

[NetGuySC]

My employer drop in 5% even if you contribute nothing, then will match another 3% .... they will allow a 15% contribution from your paycheck. So If I put in the max and with company basic and matching I will have a total of 23% going in.

 

[CPA]

Originally posted by: Woodie
401k matching depends on salary band:
If you're in the bottom band (least pay), they'll match $3 for $1, plus they'll drop in some w/o match.
Middle band: $2 for $1
Top band: $1 for $1

I'm not sure what the maximum matching is.

Interesting, what state are you in? Because I thought these types of plans were not legal.

 

[Viper GTS]

Originally posted by: RossMAN

Originally posted by: lupohki
50% match up to 8%

I've never fully understood why companies do this.

The end result is a 4% match, right?

It encourages employees to put in a higher percentage.

If they were to do 100% up to 4%, many employees would put in 4% - For a total of 8%.

If they do 50% up to 8%, then the employee will put in 8 for a total of 12%.

Viper GTS

 

[CPA]

Originally posted by: RossMAN

Originally posted by: lupohki
50% match up to 8%

I've never fully understood why companies do this.

The end result is a 4% match, right?

It has too do with tax expense to the company. The more an employee contributes, the less Social Security tax (not medicare tax) an employee has to pay, the less the company has too match. So putting in a plan like this forces the employee to contribute more if they want the full match, therefore lowering the tax expense of the company.

 

[BurnItDwn]

my company only lets us do 2% however the match for Profit sharing has been quite good in recent years ... around 300%

 

[DaveJ]

My employer contributes 11.5% of my salary to a 403b (a 401k for non-profit institutions), no matter what... I'm basically matching that, but in a different set of funds (diversity is good). Contributions start automatically after two years of service, and you're fully vested from day one.

Dave