aah crap. No more 401(k) matching.

[Ferocious]

The company just announced it this morning at a meeting.

We used to get 50% match up to 6% contribution.

 

[lilFajita]

That's really rough. Employers can totally get away with it in this market too. sad....

 

[Queasy]

Wow, that almost kills most of the incentive for doing a 401(k).

My first job out of college (1998) was awesome with their 401(k) matching. They matched 100% of the first 6% for each paycheck. Later they dropped it down to matching once a year. Then when they got bought by another company it was matching up to 50% once a year based on the performance of the company.

My current job is 50% matching for the first 6%.


I'd suggest doing the 6% into your 401(k) just for the tax deduction. Put the rest of your retirement savings in a Roth IRA or other investment vehicle.

 

[Parrotheader]

Ugh. That does suck horribly.

My company only does 50% matching up to 4% BUT they also have profit sharing which goes into our 401K that's been about 2-3X the 401k matching amount the last 3 years. If they cut either one of those (especially the latter) I'd definitely start looking around some. At my young age, I need all the matching options I can get to help keep my 401k snowball rolling.

 

[Viper GTS]

Time to stop contributing to the 401k & contribute to a Roth IRA.

My company matches 50% up to 3%.



Viper GTS

 

[Viper GTS]

Originally posted by: Queasy
Wow, that almost kills most of the incentive for doing a 401(k).

My first job out of college (1998) was awesome with their 401(k) matching. They matched 100% of the first 6% for each paycheck. Later they dropped it down to matching once a year. Then when they got bought by another company it was matching up to 50% once a year based on the performance of the company.

My current job is 50% matching for the first 6%.


I'd suggest doing the 6% into your 401(k) just for the tax deduction. Put the rest of your retirement savings in a Roth IRA or other investment vehicle.

If your taxable income is over $25K you can't claim the saver's credit, so all you'd get would be the tax charged on your contributions.

You'd be better off with the Roth IRA.

Saver's Credit

Viper GTS

 

[sygyzy]

Welcome to my world. No matching here.

 

[FoBoT]

my company stopped ours 1-2 years ago, it was only $0.25 per our $1 (up to 6%) , but free money is good

they substituted a very lame stock purchasing plan in its place. i didn't sign up for that

 

[gistech1978]

im still getting a match, thankfully.
i put in 3% of salary, they match with 10%.
but i dont get the employer match until ive been here 5 years and am vested.
and i dont plan on being here that long...so im being forced a 3% paycut and a possibility of losing money.
woohoo

 

[vi edit]

Ouch. That blows.

My wife gets double every dollar she puts in up to 5% of her income. So she effectively gets a 15% investment at a 5% cost to her paycheck.

 

[Queasy]

Originally posted by: Viper GTS
If your taxable income is over $25K you can't claim the saver's credit, so all you'd get would be the tax charged on your contributions.

You'd be better off with the Roth IRA.

Saver's Credit

Viper GTS

Pardon. I should have said because that 6% goes into your account tax free and reduces your overall taxable income. I didn't mean to say that what he put in was tax deductible.

 

[Workin']

My company contributes 25% of my gross pay up to a maximum contribution of $40,000. I'm not allowed to contribute anything. But that's a SEP IRA, not a 401(k). Another one of the advantages of owning (or working for) a small business. At the rate I'm going, I'll be able to retire when I'm 60 and draw the same salary I make now until I'm 95!

 

[Zombie]

I never had any 401K match to begin with...sucks.

 

[Rage187]

We have a meeting in 15mins about our "New" 401k plan.

Bet they tell us they are gonna cut it again.

 

[StageLeft]

We used to get 30% up to 6% and have not had matching in 18 months. They're hoping to reinstate it this year. Mrsskoorb gets 100% up to 5%, which is nice

 

[Hammer]

100% up to 6% here

 

[vi edit]

Originally posted by: Skoorb
We used to get 30% up to 6% and have not had matching in 18 months. They're hoping to reinstate it this year. Mrsskoorb gets 100% up to 5%, which is nice

TIAA-KREF?

 

[StageLeft]

Originally posted by: vi_edit

Originally posted by: Skoorb
We used to get 30% up to 6% and have not had matching in 18 months. They're hoping to reinstate it this year. Mrsskoorb gets 100% up to 5%, which is nice

TIAA-KREF?

Say wha?

 

[Ferocious]

Originally posted by: Skoorb
We used to get 30% up to 6% and have not had matching in 18 months. They're hoping to reinstate it this year. Mrsskoorb gets 100% up to 5%, which is nice

Yeah they said they will decide next year whether to reinstate a matching benefit.

Company stock is up and profits are stable. People here are pissed. We figured on a cut....but not a total elimination.
:|

 

[vi edit]

Originally posted by: Skoorb

Originally posted by: vi_edit

Originally posted by: Skoorb
We used to get 30% up to 6% and have not had matching in 18 months. They're hoping to reinstate it this year. Mrsskoorb gets 100% up to 5%, which is nice

TIAA-KREF?

Say wha?

Sorry...TIAA-CREF (http://www.tiaa-cref.org)is what many hospitals and other non-profit organizations use for their retirement plans. The matching of your wife's was similar to my wifes. Your wife works in health care as does mine so I made an assumption that she had the same retirement plan.

 

[Argo]

My company used to match flat rate, up to $50. So needless to say when they stopped I didn't give a rat's a--.

 

[V00DOO]

My company matches 100% of 3%.

 

[FelixDeCat]

Well Ive been blessed to work for a great company for the last 13 years. Ever since the first year they have had a 20% of base salary contribution to a profit sharing plan invested in the stock market.

This 20% contribution is based on earnings and requires NO contribution from me.

:wine:

 

[DorkBoy]

I get 100% match up to 6% into 401K

But I work for a 17,000 employee company.

Times are tough thanks to 8 years of Clinton

 

[ggavinmoss]

No matching, but I can buy class A shares of my company's mutual funds at NAV.

-geoff