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Yes my 401k deduction was larger this paycheck
It always has done this
Yep.
This was new this year. It went along with the changes to the pension plan.
Well then I'll admit I have no clue, it was taken from all of mine but it may be deducting because I do both pre and post tax? I would have contributed it anyway, I like hiding money from myself, and where would I have spent ALL THIS MONEY IN ONE PLACE? I could have bought a nice set of matching luggage tags.
OP, this happened to me last year. I maxed out in November and there's no more match from the firm. Bonus deduction or pay hike in Oct threw me off the plan I guess. But yeah it's wise to get the match until dec 31st
Yep. Throws off my planning. Imma max out soon.
No it hasn't. I checked last years paycheck
EY OP were you fairly new to the firm a year ago? There is a period of time the deductions don't go. But I can go back years and it always came out (perhaps I opted in to this somehow, or you opted out?)
Does the deduction automatically stop if you hit the cap, or do I gotta figure that shit out?
I don't know if it stops when you hit the cap. I hope so because I'm about to hit it and have been wondering the same thing. You would think they would have to stop it...or give you a big check at the end of the year.
Yeah I accidentally contributed 1k more than normal
I called fidelity yesterday. It does automatically stop if you hit the cap, but they rep was not sure if I would receive the firm match during pay periods after I maxed out so he recommended reducing my percentage so I don't max out until December 31
I don't understand this. 3% is 3%. Can you explain further because I am not following?
Since EY does the matching every pay period now, he was worried that I might not get the match in pay periods where I contribute 0 because I had already maxed out for the year. It might not be an issue but it was a "better safe than sorry" type of thing.
But aren't they matching the 3% during the pay hikes/bonus? Wouldn't they reach the max the same time you do? They changed it this year so they are giving your match more frequently and last year I believe it was just one deposit during the year.