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Is offer match a good idea?
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They’re all the same. These firms know what other firms are offering and will match it.
On the rare occasion that one firm tries to sweeten their benefits, the others will follow. Likewise, get rid of a perk and the rest will follow- see dinner expenses and covid benefits.
Another thing to keep in mind is after that 1st year you must be employed as of December 31st each consecutive year to receive the sum. You will not receive the lump sum for that year for example if you are fired or RIF’ed
BakerTilly is 5% safe haven, no match. Contributed every paycheck and vested immediately.
So it’s a 5% contribution. Safe haven is a strange name for a deposit…
KPMG has the CAP plan which contributes 8% of your salary as an MD to your plan
EY has no pension anymore but it puts some money into the stupid cash balance plan.
PwC is 25% of 6% to the 401k then a separate account that gets between 3% and 7% contributed by the firm.
WealthBuilder is 8% for MDs.
EY is 25% on up to 6% to start. After 4 years, I think, it goes to 50% on up to 6%
And for those comparing, EY contributes a defined % (based on age + years employed) annually to a defined benefit cash balance pension. Similar to pwc WealthBuilder
GT is match 25% up to 6% for 401K and the firm contributes 4% of salary to a pension plan. That goes up to 6% at the MD level.
..With the caveat that you have to wait til May of the following year for the match from GT. Thus losing out on any market gains, which have been double digits averaged over the last few years. And depending on your start date, you may have to wait more than a year to be eligible for the match.
BDO is 25% up to (your) 8%, then at three years it goes up to 50%. On top of that, 10% as shares of the firm in the ESOP.
CohnReznick is 25% up to 6% but we also have a profit sharing contribution that is probably close to .5%
No matter how much they pay- stay away from them
Good to know
Deloitte matches 50% you put in until 6%
As people have mentioned, what matters more is a secondary plan which doesn’t require any type of contribution. Most 401(k) matches are similar firm to firm.
CohnReznick has a weird formula where they match up to like 2.25% if you contribute 4%. They don’t do a straight match up to 3%z