{ "media_type": "text", "post_content": "Benefits question: Is 401k matching pretty much the same across firms? Firm match 25% of 6% of salary contribution and grows by tenure?", "post_id": "582b63c49ec1f80016940272", "reply_count": 17, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Benefits question: Is 401k matching pretty much the same across firms? Firm match 25% of 6% of salary contribution and grows by tenure?

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Accenture is 100% up to 6% after your first year

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BCG doesn't match, they just deposit a % (based on level) into your 401k regardless of what you do.

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That's called pension, Booz used to have it too 🙄 used to be 10% pension. Now it's 100% match up to 6% (vested immediately).

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@A1 it's 5-10% of eligible comp (base + bonus)

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I'm a fan of BCG's approach. Matching has the unintended consequence of punishing those who are (1) stupid or (2) in a tough financial spot where they cannot save. Both classes need more help than the average consultant.

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Same 401k match, but we have a secondary account that gives a % of salary that increases based on staff class that is effectively an increased 401k match and subject to the same vesting period.

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Yeah that's deloitte's match as well, but we get the pension

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IBM matches up to 6% and deposits 1% even if you don't contribute.

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12% here

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^that is crazy. What's the %?

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We call it 'Wealth Builder.' Same concept but based on staff class. At the director level it's 7% of salary.

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What does McKinsey or Bain offer?

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4.5% of total comp. @mck, 12% of what?

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50% match of first 5

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Hmm, for EY, Match goes up to 50% of 6% after 4 years. But starting 2017, for manager and below who completed 2 years there is a lump sum match vested within 5 years. Plus pension paid 100% by firm. I guess thats not too far off.

4.5% at what level?

Booz & Co was 10% of total base salary + additional 5.7% of the wages above SS wage level. Now it's all PwC 4% + 25% match up to the 6% of employee contribution, meaning if you max out you'd get 5.5% of base salary

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