{ "media_type": "text", "post_content": "Considering role at KPMG just found out from the offer that I wouldn't get any 401k match until 2 years which wasn't mentioned in interviews just that benefits offer 6% and didn't specify how eligibility works? So if I start I'm not eligible to next year then following year is when the match is paid? That is a lot of time value of money lost. Are other firms more competitive, I'm following up with pending offers from Deloitte and PWC, do they do the same?", "post_id": "61e822010ef5da0026315cf3", "reply_count": 7, "vote_count": 1, "bowl_id": "5d8a9b7b68ac9b0021463431", "bowl_name": "Consulting", "feed_type": "bowl" }

Considering role at KPMG just found out from the offer that I wouldn't get any 401k match until 2 years which wasn't mentioned in interviews just that benefits offer 6% and didn't specify how eligibility works? So if I start I'm not eligible to next year then following year is when the match is paid? That is a lot of time value of money lost. Are other firms more competitive, I'm following up with pending offers from Deloitte and PWC, do they do the same?

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Okay, so here’s how the new 401k works: -6% employer contribution every year on total W2 wages, not just base (even your first) -There is no expectation of employee contribution so it is not a match. You can contribute if you want, or you could put that money in another account with more diverse investment options. Either way you get 6% of W2 salary, even if your contribution is 0. -The vesting period is 3 years and is 100% after 3. We used to have a 20/40/60/100% vesting structure at 2/3/4/5 years. Now it’s all or nothing at 3. -Firm contribution is deposited on or around 2/10 every year. OP, I think they were saying if you leave in your first two years 0% is vested, which is true. This is by far the best 401k plan in the B4 currently.

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I read that you have to be at KPMG for a year as of EOY before you're eligible for the 6%. Is this true? If I started in mid January of 2022, will I get the 6% for 2022? I initially assumed no because as of 12/31/22 i will not have been here for a year yet.

I’m 99% sure that while it doesn’t vest til then, you’ll still get the match. In other words, you’ll see the match at the end of each year from the moment you set it up…but if you leave before 2 years are up you won’t be able to take it with you. Other firms have similar vesting periods.

A1: match posts in February. That’d explain why you didn’t get this years.

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