401k = Bogusness
Senior Member
Joined: Mar 2002
Posts: 5,152
Likes: 0
From: Golden, CO
My company doesn't do any matching, but after 2 years employment they automatically dump the equivalent of 5% of your salary into a 401. So if you make $50k/year they'll automatically put an additional $2500 into your 401k wether you contribute anything or not.
I kind of like the system, but I wish they did some matching because it would be good incentive to save more.
I kind of like the system, but I wish they did some matching because it would be good incentive to save more.
Junior Member
Joined: Jun 2006
Posts: 2,181
Likes: 0
My company doesn't do any matching, but after 2 years employment they automatically dump the equivalent of 5% of your salary into a 401. So if you make $50k/year they'll automatically put an additional $2500 into your 401k wether you contribute anything or not.
I kind of like the system, but I wish they did some matching because it would be good incentive to save more.
I kind of like the system, but I wish they did some matching because it would be good incentive to save more.
an automatic 5% from your company is pretty cool
Joined: Oct 2000
Posts: 44,908
Likes: 0
From: Location Location
you don't have to rollover 401k i have 3 401k from my former employers.
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Joined: May 2002
Posts: 13,539
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From: Twixt Hell/Ann Arbor MI
They are allowed to match up to 6% of your pay, but they don't have to contribute anything there is no law saying they have to. Some employers do a 2 for 1 match and I've seen some as high as 5 to 1. In order to get anything out of the match though you have to be vested for a certain number of years, but most match up to 1:1. You can contribute up to 15% of your pay before taxes but the employer can only match up to 6%.
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Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming ...."WOW! What a ride!!!!!"
LUNCH with THEOLDMAN...On a break for now...
snitches get stitches
Joined: May 2002
Posts: 49,696
Likes: 1
From: Portland, OR
They are allowed to match up to 6% of your pay, but they don't have to contribute anything there is no law saying they have to. Some employers do a 2 for 1 match and I've seen some as high as 5 to 1. In order to get anything out of the match though you have to be vested for a certain number of years, but most match up to 1:1. You can contribute up to 15% of your pay before taxes but the employer can only match up to 6%.