I've had discussions with friends at work on how competitive our 401K match program is. It's hard to tell what bench marking is out there.
They match 100% of the first 1%, then 50% of the next 5%. So it averages out to 3.5% match on your 6% contribution.
They will match additional, but based on company profit performance. Best case 2.5% of gross income if profit is 15% or better (rarely happens).
Is that pretty competitive?
I understand differences in industries etc, but just looking at general comparisons.
Give me your feedback.
Thanks in advance.
They match 100% of the first 1%, then 50% of the next 5%. So it averages out to 3.5% match on your 6% contribution.
They will match additional, but based on company profit performance. Best case 2.5% of gross income if profit is 15% or better (rarely happens).
Is that pretty competitive?
I understand differences in industries etc, but just looking at general comparisons.
Give me your feedback.
Thanks in advance.