I just got an interesting email yesterday. It said they are increasing the employer match for our 401k plans. They currently macth 50% your contributions up to 6%. So if I contributed 6% or more (I contribute over 25%), they would match 3% of my salary. But with the new schedule, they will match at 4% of my salary if I contribute 6% or more.
Our new 401k employer match schedule reads as:
If you contribute 1% previous match was 0.5% current match is 1%
If you contribute 2% previous match was 1% current match is 2%
If you contribute 3% previous match was 1.5% current match is 3%
If you contribute 4% previous match was 2% current match is 3.5%
If you contribute 5% previous match was 2.5% current match is 4%
If you contribute 6% or more, previous match was 3% current match is 4%
I will get a little more, but not a lot. But it will add up over time. I will still continue to contribute so as to max out my 401k!
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Comment by Socket Set — October 19, 2010 @ 10:23 am