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Started By
Message
re: 401k
Posted on 3/1/24 at 5:16 pm to HeartAttackTiger
Posted on 3/1/24 at 5:16 pm to HeartAttackTiger
Reading this makes me feel spoiled rotten.
I’ve worked for two companies.
Company 1: 10% contribution, no employee contribution requirements, 3 year vesting schedule for company contribution. No cap.
Company 2: matches 5% if I contribute 6% then contributes a lump sum once a year of 5% for 10% overall. This is 10% on gross income, not just salary. No vesting schedule. No cap.
I’ve worked for two companies.
Company 1: 10% contribution, no employee contribution requirements, 3 year vesting schedule for company contribution. No cap.
Company 2: matches 5% if I contribute 6% then contributes a lump sum once a year of 5% for 10% overall. This is 10% on gross income, not just salary. No vesting schedule. No cap.
This post was edited on 3/1/24 at 5:19 pm
0
Posted on 3/1/24 at 6:18 pm to HeartAttackTiger
quote:
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.
How is/was anyone supposed to know this? Your two posts in the thread said nothing of the sort.
Posted on 3/1/24 at 7:13 pm to HeartAttackTiger
Sounds like your company is one bad day/month from going under. That's rough. Guessing it is very difficult to hold onto decent employees. Most of the positions minimum wage?
Posted on 3/1/24 at 7:22 pm to HeartAttackTiger
If 70 people putting in 5% bankruptcies the company, you are either paying way to much to employees, have an awful product with insanely margins, or the owner is skimming all of the money. Do you also not offer health insurance?
Posted on 3/1/24 at 7:43 pm to Pauvetibete
quote:
If 70 people putting in 5% bankruptcies the company, you are either paying way to much to employees, have an awful product with insanely margins, or the owner is skimming all of the money. Do you also not offer health insurance?
shite, a simple IRA could be limited to 2% non-elective contributions or 3% matching contributions (and there isn’t a company on this planet that will get all of their employees to contribute). If that match/contribution would break the company, how could you afford even bare minimum employee raises?
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