Hi McKinsey folks: what is the new 401k policy? I thought it was 7.5% contribution regardless of whether we contribute. But I'm now reading that it's 5% for first year associates with an increase in 1% every year till reaching 10%. Is this right?

I'm also curious if Bain and BCG are similar or vastly different?

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there isn’t a new policy? you might be confused with the McKinsey contribution (7.5% for CSP, 12% for FSP, not sure other paths) vs the default self contribution to 401k which will start at ~5% and auto increase to 10%, but you can change the level of self contribution at any time

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^ correct. Still 7.5% automatically from the firm for associates every year. 5% is the default for self contributions (which can be adjusted)

Wowee that’s a good 401k match of as described

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You might want to ask HR instead of this bowl.

Whatever answer you get here is going to be less accurate than your own organization's documentation.

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yes, you're right, I should probably just email HR and ask what the new policy is.

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Ask in the McK bowl and/or HR, but BCG’s policy when I left earlier this year was a 5% contribution regardless of whether you put anything in for the first 2 years of employment, and then 10% thereafter

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