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Does your company give you an end of year 401K bonus?
Posted by LSU6262 on 1/2/13 at 12:18 pm00
Everyone got $600 added to their 401K
re: Does your company give you an end of year 401K bonus?Posted by Chris4x4gill2 on 1/2/13 at 12:25 pm to LSU6262
our profit share is given as a 401K contribution at year end.
re: Does your company give you an end of year 401K bonus?Posted by ThatsAFactJack on 1/2/13 at 12:31 pm to Chris4x4gill2
Not year end, but every May we get a 401k deposit from company for 3% of salary.
re: Does your company give you an end of year 401K bonus?Posted by LSU6262 on 1/2/13 at 12:39 pm to ThatsAFactJack
quote:
3% of salary.
that's nice
re: Does your company give you an end of year 401K bonus?Posted by TheIndulger on 1/2/13 at 12:46 pm to LSU6262
I got something last year, I think it was a profit sharing type of thing, since we dont get bonuses throughout the year. It was based on how much money you put into your 401(K) that year. Mine was like 5-7 thousand deposited into retirement account.
re: Does your company give you an end of year 401K bonus?Posted by Delacroix on 1/2/13 at 12:48 pm to TheIndulger
I believe my company matches 10% of or own contributions
re: Does your company give you an end of year 401K bonus?Posted by El Josey Wales on 1/2/13 at 1:07 pm to LSU6262
My company doesn't offer 401k.
re: Does your company give you an end of year 401K bonus?Posted by bunky on 1/2/13 at 1:32 pm to El Josey Wales
quote:
I'm looking for a new job
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re: Does your company give you an end of year 401K bonus?Posted by El Josey Wales on 1/2/13 at 1:43 pm to bunky
Yep. I should be.
The vacation plan sucks too.
The vacation plan sucks too.
This post was edited on 1/2 at 3:30 pm
re: Does your company give you an end of year 401K bonus?Posted by El Josey Wales on 1/2/13 at 1:49 pm to foshizzle
Absolutely no retirement plan is offered.
re: Does your company give you an end of year 401K bonus?Posted by tylercsbn9 on 1/2/13 at 5:40 pm to LSU6262
Not to my 401k, but I got 5 Percent of my salary for the year as a bonus on my last check
And next year I'm up to 4 weeks vacation.
Be jealous.
And next year I'm up to 4 weeks vacation.
Be jealous.
This post was edited on 1/2 at 5:42 pm
re: Does your company give you an end of year 401K bonus?Posted by RickAstley on 1/2/13 at 8:49 pm to LSU6262
I had a $1,315 401(k) bonus
re: Does your company give you an end of year 401K bonus?Posted by The Cable Guy on 1/2/13 at 9:23 pm to RickAstley
Yes it is guaranteed once per year. Really nice and it is generous.
re: Does your company give you an end of year 401K bonus?Posted by Bayou Tiger on 1/2/13 at 9:40 pm to LSU6262
quote:
Everyone got $600 added to their 401K
Interesting. Is this part of your annual bonus, or did this number just come out of the blue?
My first thought (the cynic in me) is wondering if this is your company's way of clearing the 401k non-discrimination test, in lieu of refunding contributions made by highly compensated employees. I am not an HR person, but remember reading about this a while back.
Highly Compensated Employee Rules Aim to Make 401k's Fair
quote:
The test requires that employees be split into two groups: highly compensated and nonhighly compensated. For the 2012 tax year, highly compensated employees are those who earned more than $115,000, or owned more than 5 percent of the business. (The compensation limit is based on the previous year's compensation, while the ownership limit is based on the previous or current year.) You are considered highly compensated in 2012 if you earned more than $115,000 in 2011.
The test is as follows: the average contributions of highly compensated employees, as a group, cannot exceed the average contributions of nonhighly compensated employees, as a group, by more than about 2 percent. (Age-50 catch-up contributions are not included in discrimination testing.) If the HCEs exceed this threshold and the employer fails to correct the imbalance, the plan could lose its tax-qualified status and all contributions and earnings would have to be distributed to all plan participants. In addition to the 2 percent spread, the contributions of all HCEs as a group may not be more than two times the percentage of other employees' contributions.
10 Steps If Your 401(k) Plan Fails Nondiscrimination Testing
quote:
3. Consider making a qualified non-elective contribution (QNEC) or qualified matching contribution (QMAC). If cutting back the highly compensated employees' contributions is highly unpalatable, there are other options. A QNEC is an employer contribution that is made to the plan on behalf of every eligible employee, whether or not he or she contributes to the plan. A QMAC is an employer matching contribution that is allocated only to those employees who defer. The employer would need to contribute enough money to make the plan pass the nondiscrimination test. Most employers do not take these approaches because doing so is expensive and because the employer contributions are 100 percent vested immediately.
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