gooddecisions
Senior Member
Joined: Dec 22, 2010 13:42:28 GMT -5
Posts: 2,418
|
Post by gooddecisions on Mar 22, 2011 23:09:45 GMT -5
I'm curious to know how much your employer contributes to your 401(k) plan. I don't need to know the percentage or your salary, but the actual total amount that goes into your 401(k) from your employer and not your individual contribution.
My past 10 year employer contribution breakdown is below. The purpose of this exercise is to forget about percentages and really look at the numbers. Are you relying too much on the employer contribution and is it going to be enough? My benefits are really great and I appreciate the employer contribution, but when I look at the raw numbers, it's pretty sad that this was the full match each year.
2001- 1250 2002- 1650 2003- 2300 2004- 2300 2005- 2376 2006- 2982 2007- 3250 2008- 3226 2009- 3270 2010- 3500
|
|
|
Post by illinicheme on Mar 22, 2011 23:28:35 GMT -5
I received $5172 in company match for 2010 (7.5 months worked). I should receive roughly $12,300 in company match in 2011.
I don't include company match when calculating how much we're saving for retirement, but I'm certainly glad I'm currently working for a generous company.
|
|
dancinmama
Senior Associate
LIVIN' THE DREAM!!
Joined: Dec 18, 2010 20:49:45 GMT -5
Posts: 10,659
|
Post by dancinmama on Mar 22, 2011 23:39:51 GMT -5
DH will receive a $6726 match in 2011.
|
|
buster
Established Member
Joined: Mar 20, 2011 23:44:04 GMT -5
Posts: 260
|
Post by buster on Mar 22, 2011 23:55:22 GMT -5
I will receive $10,300 this year. My employer is quite generous and is highly ranked (listed in the top 30 brightscope rankings).
My previous employer was only a .25% match up to 6% of salary (basically increases my salary by 1.5% overall). Pretty low but at least it was something...
|
|
cronewitch
Junior Associate
Joined: Dec 20, 2010 21:44:20 GMT -5
Posts: 5,974
|
Post by cronewitch on Mar 23, 2011 1:47:17 GMT -5
We don't have a match but if we have a profit we get profit sharing. In 9 years with the company they gave it 3 times, the first I was too new so nothing. The ones I got have totaled about 10K.
|
|
gooddecisions
Senior Member
Joined: Dec 22, 2010 13:42:28 GMT -5
Posts: 2,418
|
Post by gooddecisions on Mar 23, 2011 7:01:29 GMT -5
I'm not feeling so confident about my great benefits any more. I'm coming to your company.
|
|
Deleted
Joined: Apr 27, 2024 19:50:32 GMT -5
Posts: 0
|
Post by Deleted on Mar 23, 2011 7:14:40 GMT -5
OP. That is $26k Seems like a nice chunk of change to me.
|
|
spartan7886
Familiar Member
Joined: Jan 7, 2011 14:04:22 GMT -5
Posts: 788
|
Post by spartan7886 on Mar 23, 2011 9:28:54 GMT -5
2008 - $ 0 2009 - $ 701 2010 - $2553 2011 YTD - $ 924
No contribution my first year of service, and it will slowly step up to 10% at 9 years. The numbers start low, but the slope is pretty steep if you go ahead and adjust 2011 to a full year ($3478). The other justification for a low contribution is that we still get a pension. Mine is at a whopping $257/month at full retirement age if I quit tomorrow (with just over 2.5 years of service, to be fair). We are also a Brightscope Top 30 company, presumably based more on the fact that we have a lot of long term employees that are getting that 10%.
|
|
ohmomto2boys
Well-Known Member
Joined: Dec 20, 2010 9:25:38 GMT -5
Posts: 1,008
|
Post by ohmomto2boys on Mar 23, 2011 9:36:48 GMT -5
I have been at my job since 1992, but I just added up 401k match and profit sharing since 2000 and it totalled $18, 325.95. I'll take it!
We haven't received a match or profit sharing for the past 2 years.
|
|
schildi
Well-Known Member
3718 and no text
Joined: Jan 14, 2011 1:38:58 GMT -5
Posts: 1,799
|
Post by schildi on Mar 23, 2011 10:13:48 GMT -5
The highest in the last 11 years has been $9,564 and the lowest $6,228. All the other years have been in between. The total for the last 11 years has been $79,081.
|
|
phil5185
Junior Associate
Joined: Dec 26, 2010 15:45:49 GMT -5
Posts: 6,409
|
Post by phil5185 on Mar 23, 2011 10:25:09 GMT -5
but when I look at the raw numbers, it's pretty sad that this was the full match each year.
2001- 1250 2002- 1650 2003- 2300 2004- 2300 2005- 2376 2006- 2982 2007- 3250 2008- 3226 2009- 3270 2010- 3500 It depends on your definition of 'sad'. That is about what companies set aside for pensions back in the 'defined benefit' days (adjusted for inflation). A $3000/yr company contribution (to an annuity) provided about a $35,000/yr pension after 30 yrs. True, public workers get way more than that - but $35,000 was a relatively high pension in private industry. A $20k SS check plus a $35k pension gets it done for many retirees. Conversely, $3000/yr in a 401k equals about a $450,000 account after 30 yrs. And if the employee also contributes $3000/yr, s/he would have $900,000. Most of us prefer the available lump sum, the portability, and the inheritability of the 401k account to a pension.
|
|
reader79
Well-Known Member
Joined: Dec 30, 2010 8:48:07 GMT -5
Posts: 1,053
|
Post by reader79 on Mar 23, 2011 10:25:49 GMT -5
The match is 50% up to 6%, so $404.82 in 2011 so far. $14,015.74 total to-date. I am in my eleventh year here, however I started as a part-time employee and was not eligible for my first few years. I make $58,471 currently.
|
|
tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
|
Post by tskeeter on Mar 23, 2011 11:08:25 GMT -5
$4,150 per year for the first 10 years. Increases by 1% after 10 years, 20 years, 25 years, and 30 years. So if I had 30 years of service right now, it would be $7,470 each year. My employer is a very large, well known multi-national company.
|
|
|
Post by The Walk of the Penguin Mich on Mar 23, 2011 11:35:43 GMT -5
From $4000/year when I started in 2000 to about $6000/year now.
|
|
|
Post by 2girlzdad on Mar 23, 2011 12:03:58 GMT -5
I began contributing in February 2004. I get dollar for dollar up to 5%. As of today the company has contributed $81,666. They also contribute a flat 7% of pay. As of today the company has contributed $91,771 to this portion. Since inception I have earned 6.09% return.
|
|
azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
|
Post by azphx1972 on Mar 23, 2011 12:57:27 GMT -5
I haven't bothered to keep track of my employer contributions, but I max out my 401k every year, and my current employer provides a 3% non-elective contribution in addition to matching dollar for dollar the first 6% of employee contributions. That means around $11k for me this year.
Looking at my current 401k balance (which includes growth over the years), $87k of it is from employer contributions, $171k is from my own contributions, and $112k is from rollovers.
|
|
|
Post by greeneyedchicka on Mar 23, 2011 13:07:10 GMT -5
Roughly $4,500 last year and $5,400 this year. Our calculation is based on current salary, age and years of service. The older you are the more you get.
|
|
gooddecisions
Senior Member
Joined: Dec 22, 2010 13:42:28 GMT -5
Posts: 2,418
|
Post by gooddecisions on Mar 23, 2011 13:08:09 GMT -5
Base on these responses, I definitely have been fooled into thinking the 401(k) match where I work is strong. Given the economy, I guess I'm still lucky that they contribute anything at all. The only company I've looked into working for that does more than the standard 50% of 6% (or 3% total) is Altria. They match 100% up to 15% of your pay.
|
|
azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
|
Post by azphx1972 on Mar 23, 2011 13:19:23 GMT -5
The only company I've looked into working for that does more than the standard 50% of 6% (or 3% total) is Altria. They match 100% up to 15% of your pay. Altria, as in the company that owns PhillipMorris? No wonder people are all up in arms over big tobacco! ;D
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Mar 23, 2011 13:33:36 GMT -5
We get a 100% match on the first 3%, and a 50% on the next 2%, or 4% total.
For me that's roughly $4,000 a year right now.
|
|
sapphire12
Well-Known Member
Joined: Dec 19, 2010 19:02:12 GMT -5
Posts: 1,211
|
Post by sapphire12 on Mar 23, 2011 13:43:54 GMT -5
From 2007 to 2010, I received a total match of $17, 350. It averages to about $4330 per year. I also have a pension. It's free money. I'm happy I get what I get.
|
|
souldoubt
Senior Member
Joined: Jan 4, 2011 11:57:14 GMT -5
Posts: 2,745
|
Post by souldoubt on Mar 23, 2011 13:50:03 GMT -5
Company started the match in 2008. From 2008 to 2010 I received $10,250. I'll receive just under $4,000 this year.
|
|
schildi
Well-Known Member
3718 and no text
Joined: Jan 14, 2011 1:38:58 GMT -5
Posts: 1,799
|
Post by schildi on Mar 23, 2011 13:51:29 GMT -5
You are not working for it? I need your job!
|
|
sapphire12
Well-Known Member
Joined: Dec 19, 2010 19:02:12 GMT -5
Posts: 1,211
|
Post by sapphire12 on Mar 23, 2011 16:21:04 GMT -5
You are not working for it? I need your job! LOL. I guess you are right, it is part of my total compensation.
|
|
Deleted
Joined: Apr 27, 2024 19:50:32 GMT -5
Posts: 0
|
Post by Deleted on Mar 23, 2011 17:00:57 GMT -5
The only company I've looked into working for that does more than the standard 50% of 6% (or 3% total) is Altria. They match 100% up to 15% of your pay. My company provides a 2.5% match and a 7.5% straight contribution. So only 10%, but we don't kill people.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Mar 23, 2011 18:37:40 GMT -5
I get a $5500 annual match, but I'm not vested until 1/1/14. If I can hold on til then, $27.5K is mine! ;D
|
|
schildi
Well-Known Member
3718 and no text
Joined: Jan 14, 2011 1:38:58 GMT -5
Posts: 1,799
|
Post by schildi on Mar 23, 2011 19:26:48 GMT -5
The only company I've looked into working for that does more than the standard 50% of 6% (or 3% total) is Altria. They match 100% up to 15% of your pay. My company provides a 2.5% match and a 7.5% straight contribution. So only 10%, but we don't kill people. "Only" 10% I wish I'd get 10% ...
|
|
Deleted
Joined: Apr 27, 2024 19:50:32 GMT -5
Posts: 0
|
Post by Deleted on Mar 23, 2011 20:56:35 GMT -5
Schildi - I don't mean to sound ungrateful - the "only" is just relative to the 15% contribution you could get working for Big Tobacco.
And frankly, I don't think that extra 5% is worth it.
|
|
lynnerself
Senior Member
Joined: Jan 3, 2011 11:42:29 GMT -5
Posts: 4,166
|
Post by lynnerself on Mar 23, 2011 21:05:11 GMT -5
About $5000 for each year 2009 and 2010. Less before that as my salary took a big jump in 2009.
|
|
Deleted
Joined: Apr 27, 2024 19:50:32 GMT -5
Posts: 0
|
Post by Deleted on Mar 24, 2011 11:25:14 GMT -5
My wife gets about $860/year and mine is about $1,220/year The typical 100% up to 2% 50% from 2%- 4% 25% from 4 to 6% I also get profit sharing but haven't gotten any last year so pfft I am one of the minorities that feel that my company just forget about the pension plan and just give us that in 401K contributions instead.
|
|