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employer match wording?
Posted on 12/1/14 at 10:22 am
Posted on 12/1/14 at 10:22 am
Kinda threw me off.
"Employer will match 50% up to 2.5 of gross annual salary"
Does this mean (assuming 50k salary) that they will match:
50% of the $1250 (2.5% of 50k) that I put up?
or they put up 1250 if I put in 2500?
"Employer will match 50% up to 2.5 of gross annual salary"
Does this mean (assuming 50k salary) that they will match:
50% of the $1250 (2.5% of 50k) that I put up?
or they put up 1250 if I put in 2500?
6
Posted on 12/1/14 at 10:31 am to DucksnBucks37
I'd assume the later but go the HR website. It should have additional information.
Posted on 12/1/14 at 11:35 am to DucksnBucks37
Check with HR, but generally this means that for every dollar you put in, they will match it by putting up 50 cents, until you have put in 2.5 percent of your annual salary.
Using your numbers, this means once you have put up $2,500, they will stop the match.
Using your numbers, this means once you have put up $2,500, they will stop the match.
Posted on 12/1/14 at 11:43 am to DucksnBucks37
I read it as they will match 50% of your contribution until their contribution reaches 2.5% (so your contribution is 5%). Wording seems pretty standard to me.
Posted on 12/1/14 at 12:30 pm to DucksnBucks37
I interpret it as if you put in 5%, they put in 2.5%.
If you put in 4%, they only put in 2%, but if you put in 6%, they will only put in 2.5%.
If you put in 4%, they only put in 2%, but if you put in 6%, they will only put in 2.5%.
Posted on 12/1/14 at 12:49 pm to DucksnBucks37
Assuming 50k salary.
2.5% of 50,000 is $1,250 << you contribute up to this much and still get employer matching.
50% match on $1,250 is $625 << if you contribute the $1,250, then the employer will put in a maximum of $625.
2.5% of 50,000 is $1,250 << you contribute up to this much and still get employer matching.
50% match on $1,250 is $625 << if you contribute the $1,250, then the employer will put in a maximum of $625.
Posted on 12/1/14 at 7:15 pm to lynxcat
quote:
50% match on $1,250 is $625 << if you contribute the $1,250, then the employer will put in a maximum of $625.
That would be my take as well. Seeing these kinds of match levels sure makes me appreciate mine: 100% match up to 8% of gross. I contribute 12% so I can relatively painlessly hit my target of 20% of gross. One of the reasons I have never considered leaving my current company. If you do not have a solid company match, it will be really tough for the average employee to build a reasonable retirement account.
Posted on 12/1/14 at 8:41 pm to DucksnBucks37
To me it's the same as a 50% of the first 5%.
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