McKinsey & Company Any McKinsey & Company 🐠 have a list of the 401K offerings? Does the firm contribute 7.5% of salary automatically without an employee contribution? Or is it “up to” 7.5 if you contribute 7.5? Thx

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Flat contribution. Not a match.

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Contribution is 7.5% for CSP (12.5% for FSP) independent of what you contribute. Not a match, the firm contribution is guaranteed.

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M2, CSP is client facing and FSP is firm internal, correct?

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So that’s automatically deducted from your pre-tax earnings? Do you get to choose from a menu of plans or is there one fund they use?

It’s in addition to

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Nothing is deducted from you. The firm contributes to your account with no matching, so long as you’re employed in December of each each to receive it

So then is their contribution into a traditional or Roth 401K? Trying to understand the tax implications. As I understand it, if it’s into a traditional then the tax is deferred until you withdraw, right? So do you deduct the employer’s contribution from your net income when you file tax return that year? Or do you not report it as income at all?

Its traditional/tax deferred

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Is there a vesting schedule?

You get the choice of what to invest in and its the same list of options for both firm/individual contributions.

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Is it 7.5 of your base or 7.5 of your total rewards package?

Vested as in you have to employed on December 1 in order to get the 401k match for the year

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