What's your company's contribution percentage? (fund, puts, 401k, salary)

[kiagulli]

Just curious how my company stacks up. They contribute 11% or our annual salary to our defined contribution plan, no employee contribution is necessary. There is no pension or 401k matching. What does your company contribute?

[long101]

Mine no longer contributes, stopped 1.5 year ago or so. That sounds pretty darn good depending on how long it takes you to get vested

[Jason28]

I cap out my 401K tax deferred allotment at 16,500 per year. My company matches 3% and it takes 3 years to be fully vested, which I am.

[marmac]

Matching at 50% up to a max of 6% ( 6 % yours. 3% theirs)

However, it seemed they many times stopped matching due to the economy ( or so they say )

[CaliTerp07]

Originally Posted by marmac

Matching at 50% up to a max of 6% ( 6 % yours. 3% theirs)

However, it seemed they many times stopped matching due to the economy ( or so they say )

Same at my company.

[MadManofBethesda]

Originally Posted by kiagulli

Just curious how my company stacks up. They contribute 11% or our annual salary to our defined contribution plan, no employee contribution is necessary. There is no pension or 401k matching. What does your company contribute?

Federal employees have a 401(k) type of account, called the Thrift Savings Plan (TSP) in addition to a defined benefit pension.

The employer opens a TSP account automatically for the employee and puts in the equivalent of 1% of the employee's salary whether the employee puts in anything or not. If the employee chooses to participate, then the government matches it dollar-for-dollar up to 3% of salary. IOW, if the employee puts in 3%, then the government contribution is 4%, for a total 7% contribution.

If the employee puts in any more, then the government matches 50 cents on the dollar up to 5% of salary. So that if the employee puts in a total of 5%, the government contribution is 5% (4% match & 1% automatic contribution).

The employee can, of course, contribute more (up to the IRS limit), but there is no further government contribution.

The government contributions to an employee's 401(k) account apply to those employees covered by the Federal Employees Retirement System (FERS), but does not apply to employees covered by the old Civil Service Retirement System (CSRS). CSRS however, has a much more generous defined benefit pension plan than FERS does. FERS covers all federal employees first hired after 1984.

On a somewhat related matter, FERS employees are covered by SS, whereas CSRS employees are not. (Although both are covered by Medicare.)

[kiagulli]

Wow, I think I need to look for a federal job.

[SteveArmy]

Originally Posted by marmac

Matching at 50% up to a max of 6% ( 6 % yours. 3% theirs)

However, it seemed they many times stopped matching due to the economy ( or so they say )

probably the same as my previous company (before going contractor). I got about $200k in the 401k and $50k in retirement in 8 years

[Oildog]

Big Oil funds a pension, and my 401k gets a 6% match.

[taydev]

6% match