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Message
Best company 401k plan you've ever seen or heard of?
Posted on 9/25/14 at 12:52 pm
Posted on 9/25/14 at 12:52 pm
My CPA firm has a professional athlete client whose team offers a 125% match
Only match up to 17k, which is nothing to a pro athlete, but that is still impressive
Only match up to 17k, which is nothing to a pro athlete, but that is still impressive
Posted on 9/25/14 at 12:53 pm to Tigerfan56
quote:
Only match up to 17k
employee can only contr. 17,500 this year anyway (so yes, that would be an accurate maximum match)
anything else is nonelective, or profit share up to max of 52k (not incl. catch-up)
This post was edited on 9/25/14 at 12:55 pm
Posted on 9/25/14 at 12:56 pm to mostbesttigerfanever
If a player were to put in 17.5k then the company would put in $21,875. Insane to think about
Posted on 9/25/14 at 12:58 pm to Tigerfan56
Is this a 401k or a DB Pension Plan?
Posted on 9/25/14 at 12:58 pm to Tigerfan56
right, but the maximum contr to any 401k, incl. match, non-elective contributions and profit share is 52k.
for an regular employee of a relatively small firm, your example seems to be quite good, though
for an regular employee of a relatively small firm, your example seems to be quite good, though
Posted on 9/25/14 at 1:00 pm to Shepherd88
quote:
DB Pension Plan?
DB Pensions don't have 'matching' criteria
Posted on 9/25/14 at 1:00 pm to Tigerfan56
I audit a plan that throws in the max contribution for their executives every year. Execs don't contribute a penny.
Posted on 9/25/14 at 1:03 pm to LigerFan
quote:
I audit a plan that throws in the max contribution for their executives every year. Execs don't contribute a penny.
as long as the execs have earned income, it's probably all classified as profit sharing (unless it's DB)
Posted on 9/25/14 at 1:36 pm to Tigerfan56
Had a company client that deposited 3 percent into the 401K account as a contribution each year, PLUS matched dollar for dollar up to the employee's deferral limit. For some older high-compensated employees, they bumped into the overall additions limitation.
I also just took on a new individual client that has this add-on plan for execs that are maxed out of their 401K. It is basically a non qualified deferred comp plan, but essentially, you elect a percentage to contribute each year. Once your 401K bucket fills up, that amount then goes into this deferred comp plan, and gets matched at the same rate that the 401K matches (which is 50 cents on the dollar, with no cap).
I also just took on a new individual client that has this add-on plan for execs that are maxed out of their 401K. It is basically a non qualified deferred comp plan, but essentially, you elect a percentage to contribute each year. Once your 401K bucket fills up, that amount then goes into this deferred comp plan, and gets matched at the same rate that the 401K matches (which is 50 cents on the dollar, with no cap).
Posted on 9/25/14 at 1:58 pm to LSUFanHouston
Wife contributes 4% company puts up 10%.
Posted on 9/25/14 at 1:59 pm to MamouTiger65
My company contributes 10% of annual salary regardless of employee contribution...
Posted on 9/25/14 at 2:16 pm to Tigerfan56
quote:
Best company 401k plan you've ever seen or heard of?
The one that puts money in my bank account every two weeks.
Posted on 9/25/14 at 3:59 pm to Tigerfan56
Exxon: Put in 7% of your salary and they give you 10% of your salary.
Posted on 9/25/14 at 5:10 pm to Tigerfan56
My dad used to work for a private company that matched 100%. Period. No limits, other than your personal tax implications. They were bought out by a public and that was one of the first things to go.
Posted on 9/25/14 at 5:46 pm to Tigerfan56
My company matches 150% up to 4% and then 100% up to 6%. Best I've ever had for sure.
Posted on 9/25/14 at 5:53 pm to NoHoTiger
Are you in the private sector?
Posted on 9/25/14 at 6:06 pm to FAF
quote:
Exxon: Put in 7% of your salary and they give you 10% of your salary.
I don't think so.
Posted on 9/25/14 at 6:18 pm to Tigerfan56
had a job offer with a company that matched dollar for dollar up to 20% of your salary.
Posted on 9/25/14 at 6:58 pm to Shepherd88
quote:
Is this a 401k or a DB Pension Plan?
interesting point, what profession sport team/organization have 401Ks and not a DB Pension Plan?
Posted on 9/25/14 at 7:22 pm to Hoyt
quote:
Hoyt
Mine does the same.
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