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Message
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Posted on 1/19/16 at 10:14 pm
Posted on 1/19/16 at 10:14 pm
(no message)
This post was edited on 8/29/17 at 1:34 pm
8
Posted on 1/19/16 at 11:02 pm to CQQ
You have a great match.
They give 3% and you don't have to do anything.
If you give 3% then they give another 6%.
Looks like the matching may start after 12 months of employment?
They give 3% and you don't have to do anything.
If you give 3% then they give another 6%.
Looks like the matching may start after 12 months of employment?
This post was edited on 1/20/16 at 9:22 am
Posted on 1/19/16 at 11:18 pm to CQQ
They probably offer for the Roth for the one year waiting period and those who don't want to contribute. Switch that 3% to the 401k instead of the Roth ASAP
Posted on 1/19/16 at 11:28 pm to DallasTiger45
It's in the Roth 401k now. Not sure if I'm asking my question clearly.
At this point, I am eligible for the entire 9% match. I am hung up on the part about it being pre-tax. Makes me think what I'm enrolled in doesn't qualify for full match.
At this point, I am eligible for the entire 9% match. I am hung up on the part about it being pre-tax. Makes me think what I'm enrolled in doesn't qualify for full match.
This post was edited on 1/19/16 at 11:34 pm
Posted on 1/20/16 at 12:56 am to DallasTiger45
I didn't read it but most plans will alway match pretax but you can contribute post tax and get the pretax match.
ETA: Read it all. This one is weird though. I would call to clarify.
ETA: Read it all. This one is weird though. I would call to clarify.
This post was edited on 1/20/16 at 1:00 am
Posted on 1/20/16 at 1:05 am to bisonduck
I don't get why they would care. I don't see why it would help the plan's Erisa compliance testing or help the company's bottom line (could be missing something). If I were you, I'd advocate to the plan administrator to change that provision.
This post was edited on 1/20/16 at 1:11 am
Posted on 1/20/16 at 1:10 am to CQQ
From reading that, you are correct; you get the match only on pre-tax contributions. Just devote enough to get the full match (3%), and if you're also seeking tax free growth, devote any further contributions to the Roth 401.
I wish that my company offered what you have. I don't know what funds your plan offers, but that's a sweet deal on the face of it.
I wish that my company offered what you have. I don't know what funds your plan offers, but that's a sweet deal on the face of it.
Posted on 1/20/16 at 1:14 am to Jag_Warrior
It's fidelity.
Posted on 1/20/16 at 7:32 am to Jag_Warrior
It says it'll contribute 3% of his pre-tax, or gross income, not necessarily where the contribution will go. However, usually it is a pre-tax contribution from the company. He can call to confirm, but I would switch the contribution to the normal 401k for the extra 6%.
Posted on 1/20/16 at 8:19 am to CQQ
That's a pretty good 401k match
Posted on 1/20/16 at 8:30 am to castorinho
quote:
That's a pretty good 401k match
Oh yea, I know. I just want to make sure I'm understanding it correctly so I can take full advantage. I've switched it to pre-tax.
Posted on 1/20/16 at 9:00 am to CQQ
My company only matches pretax and does nothing for post-tax contributions. I think a lot of companies do it this way.
Posted on 1/20/16 at 9:36 am to AnonymousTiger
quote:
My company only matches pretax and does nothing for post-tax contributions. I think a lot of companies do it this way.
That is how it has always been for my employers, too.
Posted on 1/20/16 at 2:08 pm to AnonymousTiger
Everyone matches pretax. Most plans will match Roth 401k contributions and not require your own to be pretax. I've seen a lot of plans.
Posted on 1/20/16 at 2:12 pm to CQQ
It looks like the company has a nonelective safe harbor 3% and the match (awesome match btw!). Change your deferrals to pre-tax and get that match son!
Roth is just an added option (usually only added for owners) for plans to be cute and with the times.
Roth is just an added option (usually only added for owners) for plans to be cute and with the times.
Posted on 1/20/16 at 2:48 pm to CQQ
Anything you company matches will hit the pre-tax side of your account. Even if your entire contribution is to the Roth side.
I don't get why the company cares if your contribution is to the pre-tax or the Roth side.
PS - I'm guessing you work for Citgo. If they are still offering that great of a plan, apparently the oil industry hasn't crapped out completely yet.
I don't get why the company cares if your contribution is to the pre-tax or the Roth side.
PS - I'm guessing you work for Citgo. If they are still offering that great of a plan, apparently the oil industry hasn't crapped out completely yet.
Posted on 1/20/16 at 3:09 pm to LSUFanHouston
That's what his link says. Citgo is purely downstream so they should be doing really well right now.
Posted on 1/20/16 at 3:42 pm to LSUFanHouston
quote:
I don't get why the company cares if your contribution is to the pre-tax or the Roth side.
That was my question earlier. It's something I haven't seen before. Contributions from the employee don't help you on payroll costs and I don't know how it would affect the compliance testing for the plan.
Posted on 1/20/16 at 9:30 pm to CQQ
quote:
I'm enrolled in the post tax (roth?) 401k
Someone better versed than me can probably clarify, but for a couple years I thought my "post-tax" contributions to my 401(k) were to a "Roth" 401(k)... they weren't. From what I understand, in the "post-tax" plan you contribute post-tax, but still have to pay tax on the gains (not contributions) when you withdraw at retirement. In a Roth 401(k) plan you contribute post tax, but pay no taxes when you withdraw.
I would double check how your plan works. If it's not a true Roth 401(k) I would switch to pre-tax no matter what the match situation is.
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