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https://www.marketwatch.com/story/kpmg-employees-will-get-automatic-employer-401-k-contributions-without-a-match-and-many-more-benefit-perks-11635264242
For those at KPMG what were the medical premium amounts? Is a 10% reduction meaningful?
Do you have a pension plan and is it a "best of" or cash balance o is this 401k employer contribution supposed to make up for it
Speaking generally, Pension plan was like half of what they pay in, the other half was the 401k match but you had to contribute 5% or more to get that. Now it’s just all defined contribution to 401k and you don’t need to make a personal one.
So yes partially a migration of pension contribution but also benefit of getting the 401k as a contribution and not match. All in its a higher % as well and a shorter vesting for most of the junior folks so a clear benefit for them (talking associates through manager generally)
For longer tenured folks there’s another element that ramps up the %. But in the service lines (aud/tax etc.) you would have either made partner or moved on to another company by then, so that part is more for non-partner track functions in my mind.
So it’s better depending on your view of 401k vs pension.
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