Poll--What's your 401(k) match?

Paige · June 2005

I'm trying to get an idea of what other companies are offering for their 401(k) match. Currently, our company matches 100% of the first 3% contributed by the employee and then 50% of the next 2% contributed (e.g., ee 1%--er 1%, 2%--2%, 3%--3%, 4%--3.5%, 5%--4%).

Thanks.

NaeNae55 · June 2005

We have been looking at this too as we want to be competitive. We are currently matching 2%, but we also have a profit sharing contribution of 4%. There is a salary cap of $50,000 for these contributions. We will probably do away with the salary cap next year.

hrnewby · June 2005

We match 5%

gismo · June 2005

We match up to 2% of EE's contribution, we too also offer profit sharing, currently at 8.3%.

nohr4u1yr · June 2005

Our employees are 100% vested at time of enrollment and we match:

employee contribution employer match
1-3% of paycheck 100%
additional 1-2% 50%
6% and over -0-

Pixie · June 2005

we match 72% on the employees first 5%

marc · June 2005

We don't match anything at this point. I worked on a proposal to match 50% of 6%, but budget constraints shot it down before it even left the hangar.

safety · June 2005

100% of the first 3 then 50% of the next 3

lnelson · June 2005

We match 50% of first 4% ee contributes then 2% for anything above 4%. EE can contribute up to 13%. We also have a profit sharing which is at 3%.

DeidreFR5 · June 2005

We do a safe harbor - everyone eligible receives 3% whether they contribute or not.

amwkim · June 2005

We match 50% up to the first 6% of employee contribution. Nothing after that.

HRCalico · June 2005

Thanks, Paige, I was planning to post the same question today! :>)

Ours is
EE 1%, ER 1%
EE 2%, ER 1.5%
EE 3%, ER 1.75%
EE 4-15%, ER 2%

Plus our profit sharing is a minimum of 5%, last year we got 6%.

dixied · June 2005

We match 50% on their first 6% of contributions.

hhaynal · June 2005

50% up to the first 6% of employee contribution. Nothing after that.

Dutch2 · June 2005

We match the ee's contribution up to 3%. We also provide a 3% profit sharing contribution to every eligible employee. Even if they do not contribute any of their own money to the plan they will receive a 3% profit sharing from the company.

Rural HR · June 2005

We provide 25% of the first 4% of contributions, which is a max of 1%. We are an ESOP company and the ESOP averages about 6% and is fully funded by the company.

hr traci · June 2005

We match 25% up to the first 4% of compensation

TN HR · June 2005

100% on the first 4%, then nothing. Safe Harbor, immediate vesting.

Gene

atrimble · June 2005

We don't have a 401(k), instead opting for a 414(h) (governmental plan) that's mostly a money purchase plan. Mandatory participation after 6 months of service (automatic enrollment), EE contributes 6%, we "match" @ 6.5% (108% "match"). No additional allowed by EE or ER, no one earns enough gross to worry about ERISA/IRS maximum annual deferral/contribution.

We dropped to 6.5 from 8.5% ER contribution about nine years ago.

Abby

njjel · June 2005

We give a straight 3% contribution to all eligible employees at the present time (no match). howver there is a clause that states a discretionary match MAY be given at year's end.

ritamcguire · June 2005

75% match of first 4% contributed.

Clare · June 2005

We match .20 for each dollar an employee contributes, up to 6% of their earnings.

The company match is discretionary and is based on company performance.

LivindonSouth · June 2005

We do what Paige does plus it's 100% vested on day one which I guess makes us like NoHR4U1yr. We also have a company pension plan in addition plus a quarterly RONA (return on net assets) profit sharing plan valued at a certain percentage of your salary over the prior quarter, which is a good kick depending on how many shares you have; 1, 2, 3, 4, up to six. Right now each share is at about 4.5% for our division. It varies among divisions. So, if you have 6 shares at 4.5%, you get an extra 27% of your salary in profit sharing each quarter. Then I have donuts and sausage dogs on alternate weeks, sometimes on Saturdays. I have heard that we're soon to be in the Fortune 100 Top places to want to work.

dchr9203 · June 2005

50% of 6%

JCInfo · July 2005

Our new 401K plan was effective 1/1/05. We now have a 3% employer match, discretionary, that is contributed to the employee account the last paydate of the month following the end of the quarter. Even though this was explained to the employees during our meeting, at the end of each quarter I get negative feedback from some who feel we should make the employer contribution every pay.

When do you make the employer match contribution? and why do you do it that way?
Thank you!

Janet

mushroomHR · July 2005

We have no match for our 401k because our company is an ESOP company. Stock is given in lieu of a 401k match. And it has been worth a lot more than what a 401k is earning.

Pixie · July 2005

Payday is Friday, employee contributions and company match is funded and posted to employee accounts on the following Tuesday.

okieHR · July 2005

[font size="1" color="#FF0000"]LAST EDITED ON 07-25-05 AT 09:21AM (CST)[/font][br][br]We are a $235MM Bank in a small town in the OKC Metro area. We offer a 50% match of ee's first 6%, nothing after that. We also have an ESOP (begun in 2004). The contributions from that were 21% of salary in first year and 23.6% of salary in second year. Third year is looking to be in same ballpark. Our shares are not publicly traded, and have increased in value by 300% in past 15 years. With both retirement plans, we're not complaining!

Gary

Oops, I meant begun un 2003.

GJohnson · July 2005

We have a safe harbor that gives all elligible employees 3%.
We have been matching the next 4% and the past 2 years all ellibible employees have received an additional 4% discretionary contribution at year end.

lhill · July 2005

We match 100% of the first 2% the employee's contribution, then 50% of the next 2%. Total 3% match for 4% employee contribution.

Linda

DianeZ · August 2005

Effective January 01, 2005 we switched to a safe harbor plan. We match 100% of the first 4% employee contribute, then nothing. Immediate vesting. Great Plan!

Poll--What's your 401(k) match?

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