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how come firms don't match 401ks?
| rose heaven | 12/05/16 |
| Fantasy-prone Twinkling Uncleanness Resort | 12/05/16 |
| Electric orchid locale | 12/05/16 |
| Cocky Aphrodisiac Menage Deer Antler | 12/05/16 |
| Out-of-control ultramarine station laser beams | 12/05/16 |
| massive selfie | 12/05/16 |
| Effete potus elastic band | 12/05/16 |
| vengeful pit | 12/05/16 |
Poast new message in this thread
Date: December 5th, 2016 12:38 AM Author: rose heaven i vaguely recall some issue about paying highly compensated employees and others in a non-discriminatory manner. but is it that? is that just a bogus excuse?
in-house now and the company has a pretty generous company match (100% of first 5% of salary)... goes up gradually to 200% match of the next 3% over the first 5 years of employment) means that in two years my 401k balance is already more than it was at like 3 years of maxing it at a firm. and it'll can keep climbing even more quickly.
i don't think i appreciated how significant a benefit it was. hard to get enough savings together even maxing a 401k at a firm. but with company match, i'll have a pretty sweet retirement and don't have to worry as much about specifically saving above and beyond. |
Date: December 5th, 2016 12:43 AM Author: Fantasy-prone Twinkling Uncleanness Resort no idea, and i've often argued (to no avail) that firms should offer better 401K plans. if not matching, then at least allow after-tax contributions to permit the mega-backdoor Roth.
i will say that 90% of my biglaw colleagues that i talked to about 401Ks had virtually no interest in it, and some didn't even contribute to it. |
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Date: December 5th, 2016 12:46 AM Author: Electric orchid locale i gave up contributing to it. tax-free money for now that i can't touch till i'm 65 where it will then be taxed is not the most intriguing benefit to me. (http://www.autoadmit.com/thread.php?thread_id=3449490&forum_id=2#32058787) |
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Date: December 5th, 2016 12:48 AM Author: Cocky Aphrodisiac Menage Deer Antler its also exempt from BK when you hit the downward spiral (http://www.autoadmit.com/thread.php?thread_id=3449490&forum_id=2#32058792) |
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Date: December 5th, 2016 12:44 AM Author: Out-of-control ultramarine station laser beams why is 401k such a big deal? (http://www.autoadmit.com/thread.php?thread_id=3449490&forum_id=2#32058781) |
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Date: December 5th, 2016 12:48 AM Author: massive selfie (http://www.autoadmit.com/thread.php?thread_id=3449490&forum_id=2#32058790) |
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Date: December 5th, 2016 12:57 AM Author: Effete potus elastic band there are limits on contributions or the percent of contributions that highly compensated employees can get under a 401k plan. idk the details, but that's at least somewhat legit. i'm also willing to bet that the biglaw geniuses could figure out a way to throw associates some retirement cash if they wanted. three guesses the rea$on$ they don't do that. (http://www.autoadmit.com/thread.php?thread_id=3449490&forum_id=2#32058807) |
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Date: December 5th, 2016 1:09 AM Author: vengeful pit Why would a firm start offering matching 401ks right now? Thats thousands of dollars that they can advertise as a "benefit" and which will get very little publicity.
It has much more recruiting value for them to give that $ out as bonus or salary increase. |