401K Plans

Miriam George · August 2002

Am interested in finding out what other companies contribute to 401K plans for their employees. We currently match dollar for dollar of the first $6.00 per week that an employee invests, then $.25 on every dollar after that. What is your employer contribution for your plan?

E Wart · August 2002

We match $.50 on the dollar up to the first 6% (once someone has 6% or more we would do 3% maximum)
Our Plan is set up that this is discretionary, but we have done this for years. I think most importantly is when employees declare this match and actually provide the funds. We match our each month when we deposit our employees discretionary funds.
We are a small (250 employees) privately held manufacturing company. From what I know and have seen, this is a very generous match.
I have worked for an employer who didn't declare their match until after the end of the fiscal year and it varied each year, if any at all. So you don't know what or if you will have one. I have also worked for a large national service company which matched $1 for $1 up to the first 6%. I know of several large national companies that don't match at all.
EWart of GA

Don D · August 2002

[font size="1" color="#FF0000"]LAST EDITED ON 08-22-02 AT 07:45AM (CST)[/font][p]Our salaried plan matches dollar for dollar to a 6% max. Our hourly plan matches a max of $11.00 per week. Another nice wrinkle of our plans, for the participants, is that the company, not the employee pays the $40 loan set up fee on all loans. The company that manages our plan told me they do not know of any other plans that do that.

bsa · August 2002

We match 4% $for$ max. We submit company contributions on a monthly basis so the employee sees the company $ grow along with their own.

NaeNae55 · August 2002

We give 4% profit sharing and 2% match dollar for dollar. Though it is called "profit sharing" and "discretionary", the percentage has never been reduced. We send the funds to the provider, along with employee withholdings, every pay period (26/yr).

We do not offer loans in our 401k, but we do pay our provider for an extra perk. The employees have access 24/7 to a program which helps them decide where they should be investing and will even allocate their investments for them on the spot.

Employees are not eligible for the Plan until 1 year of employment, but are fully vested upon becoming eligible. Our employees seem very happy with the Plan.

System · August 2002

We are an employer with companies in Missouri, Illinois and Arkansas with approximately 700 employees during the busiest part of the year. This number drops to around 300 in the winter. For our salaried employees, the company matches dollar for dollar on the first 3% contributed by the employee. For our non-union hourly employees, the company matches 25% of the first $1200 contributed by the employee, not to exceed $300 per calendar year. Hope this helps.

Sunny · August 2002

We match 50 cents on the dollar up to the first 6% of employee contributions. This applies across the board to all salaried and hourly employees.

tpace · August 2002

We do a discretionary match at year end. We have matched as much as 50% up to 6% of the employee contributions and as little as 25% up to 6% of the employee contributions.

Employees do complain when they do not receive the 50% up to 6%; however, when we bring up the facts for example that health premiums increased 65% and the company did not decrease the 80% it pays for coverage and show the numbers in black and white it generally ends the grumbling.

Most of the people I know work for companies that do not make a contribution to the 401k. Just having the 401k available to the employees is perceived as a benefit in itself.

Jessica · August 2002

We are a small company (16 employees). After 6 months of employment, we match 50% of up to 6% of gross pay each pay period based on our employees elective deferral. So, if an employee chooses to electively defer 4%, we contribute 2%, and so on. On top of that, each January we contribute 8% of annual gross salary for those who have met their initial eligibility in the prior year, have 1000 hours of service in the prior year, and who are still employed on December 31st.

So, if an employee contributes 6% of his/her gross pay each pay period, when all is said and done for the year, we contribute an additional 11% of gross pay.

Not bad huh?

Miriam George · August 2002

I should probably add that on the contribution above $6.00 per week, we match $.25 per every dollar up to 15% of the employee's gross income. Employee's may contribute more than 15% of their income, but receive no company match on that additional portion.

Human Resources Manager · August 2002

We match $.25 on the dollar up to 4% of the ee's compensation. We also offer enrollment after 30 days of employment and 100% vesting immediately.

njjel · September 2002

We offer a 5% (discretionary) contribution to our Profit Sharing Plan. Employees do not contribute. We have a 403(b) plan that they contribute to which provides no match from the company. They are fully vested after 5 years of enrollment.

Nat · September 2002

We have a 403(b) Tax Deferred Annuity. Our company contributes an amount equal to 6% of the participants salary whether the participant contributes or not. What a great return on your money right? Put in zero and get 6%. Believe it or not we have employees that decline to participate! I will never understand it. Participants are 100% vested after 6 years.

401K Plans

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