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Started By
Message
401k
Posted on 2/28/24 at 2:23 pm
Posted on 2/28/24 at 2:23 pm
How many work for a company that does not offer a 401k?
5
Posted on 2/29/24 at 6:34 am to HeartAttackTiger
I don't mean to piggy back off you, but wanted to get some feedback around 401k company matches for those who do have them. We've been working on recruiting flyers, and wanted to see how we stack up as we know its a pretty generous benefit.
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
Posted on 2/29/24 at 8:31 am to HeartAttackTiger
quote:
How many work for a company that does not offer a 401k?
This post was edited on 2/29/24 at 8:32 am
Posted on 2/29/24 at 8:44 am to HeartAttackTiger
Posted on 2/29/24 at 8:50 am to bubba102105
quote:
I don't mean to piggy back off you, but wanted to get some feedback around 401k company matches for those who do have them. We've been working on recruiting flyers, and wanted to see how we stack up as we know its a pretty generous benefit.
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
Great benefit, and definitely on the higher end of what most companies offer. The most popular of all is 100% up to 3% so you guys are double, or more, than the average.
Posted on 2/29/24 at 9:01 am to bubba102105
quote:
but wanted to get some feedback around 401k
Yours is generous
I work for a large publicly traded company with 5,000+ employees
They match 1/2 up to 6%
Posted on 2/29/24 at 9:05 am to bubba102105
Have not worked for a company without 401k and health benefits.
Current is dollar for dollar up to 5%.
Current is dollar for dollar up to 5%.
Posted on 2/29/24 at 11:29 am to UltimaParadox
quote:
Assuming these are small companies, have they not even tried a simple IRA plan?
IRS Simple IRA
Our company would not survive if they offered this.
Posted on 2/29/24 at 1:05 pm to bubba102105
quote:
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
That's pretty good. I think on average the match I've had is ~4% over my career.
I work for a small company (~200 employees) and our match is 100% for the first 4% and 50% for the next 4% (6% overall). However the match is also capped at $5k.
First company I've worked for that had a hard cap like that. So I'm not getting the full match.
Posted on 2/29/24 at 3:06 pm to gpburdell
We get a 6% match, hopefully going up next contract
This post was edited on 2/29/24 at 3:07 pm
Posted on 2/29/24 at 3:11 pm to bubba102105
That's really good and definitely better than what I'm getting right now with my employer. We're getting a 100% match up to 3%. Company has just shy of 30k employees.
This post was edited on 2/29/24 at 3:16 pm
Posted on 2/29/24 at 3:12 pm to bubba102105
quote:
I don't mean to piggy back off you, but wanted to get some feedback around 401k company matches for those who do have them. We've been working on recruiting flyers, and wanted to see how we stack up as we know its a pretty generous benefit.
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
This is a fantastic plan.
Posted on 2/29/24 at 8:22 pm to bubba102105
quote:Seems pretty good. Ours matches up to 10% now but when I started it was similar to that
I don't mean to piggy back off you, but wanted to get some feedback around 401k company matches for those who do have them. We've been working on recruiting flyers, and wanted to see how we stack up as we know its a pretty generous benefit.
Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
Posted on 2/29/24 at 8:29 pm to HeartAttackTiger
quote:
Our company would not survive if they offered this.
Why?
Posted on 2/29/24 at 8:31 pm to bubba102105
quote:
benefit. Company automatically puts in 1% for you no matter what you do and then matches dollar for dollar for another 6%, for a total of 7% company contribution.
1:1 4% Match
8% 401K Grant
Total is 12% per year.
This post was edited on 2/29/24 at 8:32 pm
Posted on 2/29/24 at 10:14 pm to bubba102105
6% match dollar for dollar - 3 year binary vesting schedule for Match - was nerve racking until day 1096. :)
$15k per year stock grant
Plan adminstator (Fidelity) offers back door Roth that I wouldn’t qualify for other wise
$15k per year stock grant
Plan adminstator (Fidelity) offers back door Roth that I wouldn’t qualify for other wise
Posted on 2/29/24 at 11:07 pm to HeartAttackTiger
100% match up to 7%
Posted on 2/29/24 at 11:19 pm to bubba102105
10% after 9 years
5% from 3-9 years
No match just company contribution
5% from 3-9 years
No match just company contribution
Posted on 3/1/24 at 12:12 am to slackster
quote:
Why?
Maybe you can’t understand plain English. There isn’t enough profit to allow a company match of any type. If our company established a 401k with any type of match, the company would be bankrupt quickly.
Our company is a small company with approximately 73 employees. Considering monthly overhead, adding thousands to that from a match standpoint would sink the company.
So, would it be better to have a company match for 4 months and fold or would it be better to continue said company long term without a 401k?
Posted on 3/1/24 at 12:13 am to UltimaParadox
Not enough $$$ after normal overhead and expense.
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