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Hi fishes, I am Faraz, currently working as a System Administrator for Go Daddy under Genpact India Pvt. Ltd. I hold a total experience of more than 4.5 years in the Core technical support, Microsoft Azure, cloud computing, service now, active directory etc etc. Kindly assist in finding a role that best suits my skills.
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Wait until you learn about vesting schedules… you’ll feel even more bamboozled.
- speaking from experience
AP - totally fair. This was employer matched contributions! My contributions were safe.
Chief
That’s fairly common, by the way. No need to feel dumb, just ask more questions and read more carefully next time.
Pro
Some go as low as 25% and yes it’s frustrating it can’t just be a simple 100% of 3% or what have you. They try to sound better by saying 6% of 50 which is the same.
A preference doesn’t equate to being shady. I prefer tomato based barbecue. When someone serves me vinegar based and I’m aware of it, I’m not going to call them shady. You chose the defined contribution plan by choosing your employer.
That is very common- 50% match of first 6% seems standard now actually - idea is to provide an incentive or “nudge” to get you to save a greater % of your base to be better prepared when retirement time comes.
This. And my old company increased to 75% after a certain number of years there
You shouldn’t feel dumb. My last agency didn’t disclose in any of the meetings with HR that we weren’t eligible for matching contributions until a year of service. I had to go digging through documents on our server myself to get the information, after I realized I wasn’t getting any contributions. They also weren’t going to deposit it after every paycheck. You would get your contributions in a lump sum in the first quarter of the year after you became eligible. You really have to get all the terms when you’re signing your contract because they’ll purposely not tell you things that make it seem less appealing.
EY 1 - I agree. It was my first job out of college so I didn’t know what to look for but now I’m more aware.
Oh wow, I didn’t know that. I wonder if that’s how it’s with Booz, too.
Also worth noting that our match is 100% vested immediately, so you don’t need to stay for any period of time beyond 12/31 to keep it.