401k Match Question?

[Livingalmostlarge]

What is your company's 401k match? Is there a vesting schedule? What is it? Do you think it matches industry standard?

DH's job is a 200% match on the first 3%. So 6% match, immediate vesting so when we leave it's ours. This is typical of the industry. Last job was 4.5% match, also immediately vesting.

[mbhunter]

200% match is great. Mine's 100% match for the first 3% and 50% match for the next 2%.

[rstlne]

My 401K took 5 years to vest, which is way too long for the software industry. On the other hand, I've been there 13 years already so it turned out to not be a problem. I too have a 200% match on the first 5%, although I do contribute a lot more than 5%.

[Megan]

Originally Posted by mbhunter

200% match is great. Mine's 100% match for the first 3% and 50% match for the next 2%.

That's what mine is as well, plus everyone (regardless of whether they contribute), gets a 1% automatic contribution that vests after 3 years. I believe the rest vests as soon as it hits your account. Unfortunately, if you start in the first half of the year, matching starts at the beginning of the next year. If you start in the second half, matching starts in June. So I missed out on the match for 9 months. A number of coworkers don't even bother to contribute until the match starts.

[Jeremy]

My plan is 100% on up to 6% of salary, with a 4 year graduated vest (25% each year).

The plan I provide service for is 100% on first $500 and 50% on anything above, up to a total match of 3% of salary with 3 years to vest.

[72Tiger]

50% match on the first 6%. Basically up to 3% total contribution by the company. We also have an antiquated pension system that is fully funded by the company, but it isn't going to amount to much. Both are vested after 5 years.

[Livingalmostlarge]

I thought we were doing okay. I love the not vesting thing, which just turned over this January 2008. Before it was a 4 year vesting, which is a long, long time. I think if companies aren't going to be providing pensions, and they will match contributions, then it shouldn't be vested. It should just be yours. It's really unfair otherwise if they downsize you or lay you off, then what?