Chief
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GT does have a pension (4%, deposited once annually, three year vesting) but their 401(k) is also dog sh*t. Like 1.5% match, you get ZERO match your first year, and then your second year the match doesn’t come monthly — it only comes in a lump sum at the end of the year. I came from B4 to GT and was pretty shocked about the 401(k). Everyone at GT seems to drink the kool aid and think that’s just fine. It’s insane.
PwC does not, it was matched every pay period. My prior law firm did not, it was matched every pay period. My wife’s law firm gets matched every pay period. All of my friends working in non accounting firm jobs get their match every pay period. Maybe BDO does year-end but…..that doesn’t make it a good plan. Also, we’re literally accounting and tax firms. How could this possibly be “easier from a budget perspective” to not do every period. We’re advising MNEs on complex transactions every day, but we can’t account for the pennies to put into everyone’s 401(k) twice a month? Also, most people leave after they get their bonuses, not after they get their 401(k) matches (because…it’s 1.5%. It’s nothing. Your bonus is way more important and should be significantly higher. That’s where retention planning comes in.) Does BDO also give zero 401(k) match your first year? If so, you’re welcome to realize that your plan is also dog sh*t or you can go ahead and stick up for your company’s crappy 401(k) policy for no reason.
There is one, something like 4% of salary contributed.
Chief
K1 I think labor union pensions are way more generous than that considering they are almost always full employer funded, and considering they can contribute all they want but if the market flips you’ll have nothing. Defined benefits are guaranteed.
Yes there is. It's 4% of salary + interest on the balance at the treasury rate
It’s a cash balance pension. Not the same as the pension of the past but most of the larger accounting firms are cash balance pensions
Yes
Yes but it does have a 3 year vesting period.
Doubt it
Misplaced doubt. We do.
You applying to main GT or public sector? If it is the latter, none of this applies since they were just sold.
Chief
Not public sector. FDD practice