We don't have a match but we put in an amount equal to 6% of the employee's bi-weekly salary whether they do their own contribution or not. Believe it or not we have people that we have to beg to join.
We do not do any matching on our 401(k). However we offer a money purchase plan where the ER contributes 5% of salary. The money purchase is available to EEs after 1 year of service and is not vested until 5 years. I am in the process of trying to convince the CEO and Board that we need to merge the two plans and do something like EE contribution 3%, and matching up to an additional 2-3%. And change the vesting to be more employee friendly.
We are members of the state retirement system. There is a mandatory employee contribution of 6.25% (for regular FT ees) and we contribute 7.55%. In addition, we have a deferred compensation plan. The company matches 3% if the employee contributes 6% (0-6 years of service). 7-12 years of service the match increases by .5% for each year of service. At year 12 if the employee contributes 6%, we match 100%. For years 12-30 if an employee increases their contribution by .5% each year we will match the increase at 100%. Ex. Year 16, the employee contributes 8% we match the 8%.
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