{ "media_type": "text", "post_content": "KPMG 401k match is abysmal. Only 25% match up on first 5% contributed, 3 year vest/clawback, AND you have to wait until the following calendar year to receive the accrued payout. How do the other National Firms/Big4 compare?", "post_id": "60f60b142774cd002fa1b242", "reply_count": 30, "vote_count": 10, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

KPMG 401k match is abysmal. Only 25% match up on first 5% contributed, 3 year vest/clawback, AND you have to wait until the following calendar year to receive the accrued payout. How do the other National Firms/Big4 compare?

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PwC automatically does 3% at an associate level, 4% at senior associate, and more at higher levels. You also get an automatic 1% if your base salary to begin with. Then they do 25% match on up to 6%. So as a first year associate, I contribute 6%, PwC does an additional 5.5%. Their contribution have a 5 year vesting period. I don’t think that’s anything to complain about🤷🏼‍♀️

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My husband works for Citi. They don’t match for the first year. When they do match during your 2nd year with them, it’s a 1 time payment at the end of the year. And it’s only like 2%. So I try to be grateful that EY is slightly better than some others…despite how crap EY’s match is.

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The reason I am so bitter is because every $1 the firm could match will easily be 5-10x as much by retirement. Just a small improvement would make a huge difference for our young workforce, yet the firm is too cheap.

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Because they want you to slave away well past 59 1/2. If you have too much in your 401k, how dare you retire early!!!

Pretty much the same at PwC

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Love wealth builder. Idk why it isn’t used as a recruiting tool more.

It also gets on my nerves that they only match once per year.

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Baker Tilly gives 3% safe harbor, so technically not a match and you will always get 3%. It used to be similar with one annual contribution, but recently went to bi-weekly.

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Also immediate vesting - I missed that part.

None of the big4 have good 401k benefits but you’re forgetting the additional pension/defined contribution plan etc they also offer that gets you an additional 2-5% a year in retirement benefits.

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PwC is pretty similar, but then they also have a Wealth Builder program that puts in 4% (I think) of your yearly salary, no personal contributions.

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I believe the wealth builder percentages increase with titles/years of service.

RSM’s contribution is 50 cents for every dollar, up to 6%.

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5 year vesting/clawback and only paid if you are employed at 12/31 and have 1k hours. Not great, pretty terrible. Something something 3.6 roentgen.

BDO matches 25% up to 8% Years 0-3, and then 50% up to 8% after 3 years. 100% vested immediately.

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Is it?

Same at Deloitte but up to 6% with a 4 year best I believe. PwC is the same but they also have a wealth builder program which gives like 6% of your salary into a type of 401k-like investment every year. EY is the same at 25 cents for every dollar up to 6% for the first couple years then bumps up to 50 cents for every dollar up to 6% after that. They also give a one time 4K contribution after 2 years of service. KPMGs is the worst.

Gotta factor in the pension. With that it's not so bad.

Regional firm here, it's okay. 25% up to 6% - effectively 1.5%, plus an annual profit sharing contribution to that is usually around 4%. Similar vesting rules though. I've heard rumor at the MD/Partner level they get something like 7% profit sharing, but not sure how that wizardry works.

Most partners have to fund their own and they do the max contribution of $58k (for 2021).

My spouse has never had a 401k match (doctor).

Does she work for a hospital or private practice? If private practice I hope she funds the max of $58k (for 2021) herself. That’s how most law and actg firms work.

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I’m pretty sure the vest is 5 years?

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