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CSRS employees don't get any TSP (401k type) match.
FERS employees get a free 1% even if they don't contribute anything. Then 100% match for the first 3% of contribution, and 50% match for the next 2% contribution.
So that comes out to 5% total agency "match" if the employee contributes 5% of their pay. (1.0 + 3.0 + 0.5 +0.5)
CSRS (generally started 1983 or earlier) pay 7% of pay toward a large pension and don't collect social security (only pension) FERS (who started before 2013) pay 0.8% of pay toward a smaller pension and get the above matching plus social security.
After 2013, that 0.8% increased to 3.3%. And starting in 2014, that is now 4.4%. Ask me how I know.
The coworkers that I deal with complain about how 12% of their income is gone because of their pension contribution, Social Security taxes, and 5% TSP contribution. I usually reply with a colorful string of invective four letter worlds when I remind them that I'm out 15+% and will receive less of a retirement benefit than they.
So a 9% in total retire contribution from employer?
Nice!
Yeah, that is hard to leave. I get irritated at work, but have a hard time looking elsewhere because of some of the perks. An acquisition could mess all of this up though.
My company has no match, no pension, no profit sharing. So I don't participate. I'm not going to put my money into some account with some company I'm not familiar with when I can contribute the equivalent amount to my IRA that is established and giving me good returns.
If my company does start to match, I will join because anything is better than 0%!
My company has no match, no pension, no profit sharing. So I don't participate. I'm not going to put my money into some account with some company I'm not familiar with when I can contribute the equivalent amount to my IRA that is established and giving me good returns.
If my company does start to match, I will join because anything is better than 0%!
Do they pay higher wages or have other benefits to make up for no match or are you in an industry where no match is standard?
50% match of the first 15%, up to a limit of $7750. 100% vested on the 3rd anniversary with the company, which seems to be more generous than the average.
I have a defined pension and between my forced contributions and the state, I am saving 24 percent of my salary each year (the state puts in more than half of that 24%).
3% contribution then a 100% match on the next 3%. Vesting after 3 years. The first 3% is nice since you do not have to contribute anything to that. They are looking at bumping the match to 100% at 6% but we will see.
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