What is your company match? How much you put away?

[Deleted]

So how much does your company pony up? And do you contribute enough to get it all.

-> Wife: Her job matches 2% of her salary (it was cut down from 3% about 2 years ago)

-> Me: 100% match up to the first 2%, 50% match from 3-4%, and 25% match from 4 to 6%. And the match money is given as company stocks

We both contribute 20% so we get the full match.

I am so jealous of those that get some "insane" company matches... like 100% up to 5% that I read earlier or 12% of salary

[thyme4change]

My match is 50% of 2%.

I put away the full $16.5.

[soon2bmomof3]

Ours has been a consistent 6% match, dollar for dollar for the past 5 years I've been here (but you have to have been here a year before they start the match). They also do a 3% thrift once a year.

We can put up to 40% pre-tax up to the 15,500 limit. I've been trying to max it out the past couple of years, but I didn't last year due to a 4 month leave of absense (maternity leave).

[souldoubt]

100% of the first 3% of qualified comp and 50% of the next 2% of qualified comp. In other words contribute 5% and get the full match of 4%. Maxed my 401K for the first time last year and planning to do it again this year. I put 2/3 into the traditional 401K and the remainder into the Roth 401K.

[Deleted]

Jan 11, 2011 11:36:52 GMT -5 souldoubt said:

Maxed my 401K for the first time last year and planning to do it again this year.

Congrats

[hawkeyes2001]

My employer just brought back our match in 2011--it was suspended back in 2008.

They match 50% up to 4%. Thanks to the social security tax holiday I just increased my contributions from 8% to 9%.

[dancinmama]

DH's company matches 50% on the first 8% contributed, so that's equivalent to a 4% match.

We contributed the max from age 24-48 (24 years). Five years ago we cut our contributions back to 8% so that he could still get the maximum match.

[souldoubt]

Dancinmama - not to pry but after 24 years of maxing are you comfortable with your balances? I can run all the computations in the world and I know maxing or putting away a good chunk should put you in a great position later but I still like to hear from those that have been on course longer.

[steph08]

My company does 6% of your salary, but you have to be with the company for three years to be fully vested in it.

They also give a % at the end of each fiscal year, usually 3-4% which you are fully vested in after 6 years. I think I am 60% vested now after four years. I plan on staying at least 6 years to get fully vested.

I contribute 10% and the company kicks in another 9-10% of my salary.

[Deleted]

Jan 11, 2011 12:08:58 GMT -5 steph08 said:

I contribute 10% and the company kicks in another 9-10% of my salary.

Why can't I find a job that offers such a contribution... seriously, 9-19% of your salary!

But my job does offers pension, guess that make up for it!

[Deleted]

Our match is 25% of the first 8% of contribution, which works out to 2% if you max out the match.

I contribute 8% to my 401k.

[The J]

We get no match on our 457. My employer is required to contribute to our pension, at a rate determined annually by the state. Since I've been here, that rate's been in the 9-12% of salary range.

[Deleted]

Jan 11, 2011 12:16:29 GMT -5 The J said:

My employer is required to contribute to our pension, at a rate determined annually by the state. Since I've been here, that rate's been in the 9-12% of salary range.

every year?
My job is 1% of earnings times years of service.

[The Walk of the Penguin Mich]

My employer contributes 10% of my salary to my 403b. I was immediately vested when I started working, but now I believe that new hires are vested on a sliding scale.

[jkscott]

My employer contributes 50% on the dollar up to 10%. They also deposit an annual bonus of $2,000 into my retirement account. I contribute 10%.

Effectively, Im contributing 15% with the match with an extra 2k bonus every year.

[Deleted]

cawiau- don't underestimate the value of a pension. I'd be happy to trade a less-generous match for an income stream I can't outlive. I know, though, that the big drawback is what you lose if you leave or are kicked out of the company prematurely.

We get 100% of the first 6%, and I max that out every year. In addition, when they terminated the defined benefit pension plan, they kicked in another 6% regardless of what you contribute (even if it's zero). That goes in around March, to people who were here as of the previous year-end. DH and I save a lot outside of the company plan as well.

[Wisconsin Beth]

No match on my 457. But like The J - there's a pension. I don't know how they do the pension stuff. I get a letter every year stating how much I would get if I left employment and took it with me - about $50K, more or less as I recall.

DH gets a 100% up to 4% match. So he was putting 16% away + the 4% for a 20% contribution to his 401K. He just reduced it to 11% + 4% match and the other 5% is going into his ROTH, effective this month.

[dancinmama]

Jan 11, 2011 12:00:16 GMT -5 souldoubt said:

Dancinmama - not to pry but after 24 years of maxing are you comfortable with your balances? I can run all the computations in the world and I know maxing or putting away a good chunk should put you in a great position later but I still like to hear from those that have been on course longer.

souldoubt: I'm happy to help where I can. Yes, after 24 years of contributing the max (we started at age 24), we were happy with our balance. However, the balance at that time was a culmination of contributions, matching, and earnings from somewhat risky investing. For more than a couple of years I daytraded in DH's 401k. I was either 100% in fixed income or 100% in company stock. Those years allowed us to increase the balance substantially.

My advice to anyone would be to contribute as much as you can, as early as you can - whether it be to a 401K, IRA, Roth, etc.

From the very first contribution, our goal was that DH would be able to take early retirement at age 55. He has about a year to go!!

[Deleted]

Jan 11, 2011 12:33:04 GMT -5 @athena53 said:

cawiau- don't underestimate the value of a pension. I'd be happy to trade a less-generous match for an income stream I can't outlive. I know, though, that the big drawback is what you lose if you leave or are kicked out of the company prematurely.

I am not but underestimating it... just not confident in it.
But since I don't have to kick any money into it, I am not complaining ;D

[Wisconsin Beth]

Jan 11, 2011 12:50:24 GMT -5 TheHaitian said:

Jan 11, 2011 12:33:04 GMT -5 @athena53 said:

cawiau- don't underestimate the value of a pension. I'd be happy to trade a less-generous match for an income stream I can't outlive. I know, though, that the big drawback is what you lose if you leave or are kicked out of the company prematurely.

I am not but underestimating it... just not confident in it.
But since I don't have to kick any money into it, I am not complaining ;D

Look into your pension plan, if you can. Mine is subject to open records law. Plus I get a yearly statement. Before 2008, we were overfunded by about 1/4 of the assets. The meltdown cost about 1/3 of the assets but it's rebounding nicely. I'm confident it will be there but not as blindly confident as I was prior to 2008!

[snapdragon]

100% up to 6%. I have 11% being saved right now that will change later this year when I raise it to 12%.

[Deleted]

Jan 11, 2011 13:02:07 GMT -5 Wisconsin Beth said:

Jan 11, 2011 12:50:24 GMT -5 TheHaitian said:

I am not but underestimating it... just not confident in it.
But since I don't have to kick any money into it, I am not complaining ;D

Look into your pension plan, if you can. Mine is subject to open records law. Plus I get a yearly statement. Before 2008, we were overfunded by about 1/4 of the assets. The meltdown cost about 1/3 of the assets but it's rebounding nicely. I'm confident it will be there but not as blindly confident as I was prior to 2008!

Thank you, I will definitely look into it.

[quotequeen]

No match for me.

[illinicheme]

My company matches 100% on the first 4% you contribute. There is then an additional 6% "non-voluntary" contribution that everyone gets, regardless of their participation in the plan. The 6% contribution is in lieu of a traditional pension.

I've contributed the max to my 401k for several years now (or near the max - fell $2k short in 2009 due to switching jobs near the end of the year). I'm six years into my career.

[The J]

Jan 11, 2011 12:22:19 GMT -5 TheHaitian said:

Jan 11, 2011 12:16:29 GMT -5 The J said:

My employer is required to contribute to our pension, at a rate determined annually by the state. Since I've been here, that rate's been in the 9-12% of salary range.

every year?
My job is 1% of earnings times years of service.

What they have to contribute and what my benefits will be are two different things. My benefits are based on a fixed formula, determined by my years of service and when I take the pension. The state calculates future liabilities and fund performances to determine what the annual employer contribution will be.

[Deleted]

Jan 11, 2011 13:12:00 GMT -5 The J said:

Jan 11, 2011 12:22:19 GMT -5 TheHaitian said:

every year?
My job is 1% of earnings times years of service.

What they have to contribute and what my benefits will be are two different things. My benefits are based on a fixed formula, determined by my years of service and when I take the pension. The state calculates future liabilities and fund performances to determine what the annual employer contribution will be.

oh ok... thanks!

[telephus44]

I get 25% match on the first 4% - yes, I put in 4%. I'm concentrating on my Roth after that.

Worst match I ever had was 15% on the first $500 of contributions. Yes, $75 a year. Hoo-boy!

DH has no match in his 401K - just some random amount if the company is profitable and at the company's decration based something on profit, division, and length of service, but the exact formula is not made known, and they don't guarantee that they'll give anything.

[Deleted]

Jan 11, 2011 13:18:43 GMT -5 telephus44 said:

Worst match I ever had was 15% on the first $500 of contributions. Yes, $75 a year. Hoo-boy!

Better than zero

[swamp]

I'm self employed so it's all me.

[hsclassic]

Company matches 50% on first 2%, and then 25% on second 2% - cut it back in 2008 and I doubt they'll ever restore it, no matter how good the economy or the company financials are. Contribute full $16.5K plus fully fund Roth IRA on Jan. 2 of every year.

DH is gov't - no match, but they do contribute to a defined pension. DH has $21.5K 403(b) contribution plus fully funded Roth IRA on Jan. 2 of every year.

Been contributing like this for years and years, and will continue to do so until we are no longer employed (really hoping for that early "retirement" from corporate life in the next .5 - 2 years).