{ "media_type": "text", "post_content": "What is everyone’s employer 401k match like? I feel like EY’s is lacking but maybe it’s just public accounting in general (cont.)", "post_id": "5e08d8edfe0b8a001c7284a2", "reply_count": 115, "vote_count": 8, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

What is everyone’s employer 401k match like? I feel like EY’s is lacking but maybe it’s just public accounting in general (cont.)

likehelpful
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I work for a PubCo. It is 50% no limit. I contribute 19, they 9.5. Immediately vest. Also applies to catch up contributions (I am not old enough for catch up though). It is the best benefit we have, and I have never heard of better w/r/t matching.

likesmart

^That’s not true. There is a cap on total combined 401k contributions of $57k in 2020, individual contributions are limited at $19.5k

1. 100% match up to 6% 2. 6% automatic (safe harbor) 3. An additional 3% not guaranteed but put in once annually every year for the last 5 years -5 year Cliff vesting until 12/31/2019 -Effective 1/1/2020 vesting is 100% after 1 day of servic, yay!!! As long as the salary stays competitive I can never quit this job. 15% is unheard of, except for the poster above who gets an unlimited match

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I’d like to know what company too🤔

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Ours is 25% of first 6% of salary and you have to vest over 4 years. Doesn’t seem very generous imo

likefunny

EY2: I didn’t read the whole thread so not sure what happened. But you should ask HR for the $4k anyway. Just email SHRC or call EYHELP. Mine came at the end of the month of the 25th month. It’s going to be a lump sum WITH your own contribution. It won’t say $4000 exact but it should be obvious that the amount is much higher than usual. To be fair I feel the change in benefit allowed EY to hire more aggressively, and this is a trade-off but the goal is for EY to stay competitive as a firm. However I do agree with your point. The whole benefit package doesn’t make EY a great place to retire from.

likehelpful

25% of first 6% plus a contribution to a separate account which increases by rank. 3% A 4% SA 5% M So at manager I get a total of 6.5% match on pre-tax earnings

likesmart

It is most definitely not a cash balance plan.

smart

So much incorrect information on this thread...EY match is: nothing for year 1 with firm. 25% Match upto 6% of salary contribution for years 1-2. 50% match on 6% for years 2+. This vests between 2 and 5 years of service (20%, 40%, 60% and 100% vested at anniversaries 2-5). There is a 4k automatic contribution made after 2 years with the firm. Vesting is the same on that as on matches

likehelpful

@Partner 1 - Wrong!!0

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For those bickering about what EY’s 401k plan is, I dug up my benefit brochure attached to my offer letter

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likehelpful

What if you boomerang back after a year? Are you still considered a new employee?

helpful

So ours is 50% of upto a max of 5% of your base salary. In other words, 2.5% max 🤦‍♂️

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LOL, thanks for clarifying!!

Industry - ours is 75% of 6% contribution (in other words, 4.5% of salary), vests over 3 years at 1/3 per year.

likeuplifting

Directors get 6% and managing directors get 8%. Not including 401k. So effectively as a director you will get 7.5% and as an MD you will get 9.5%. Pretty good.

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I’m at a regional firm. It’s 100% match for first 3% then 50% for the next 3%. So I do 6% and they put in 4.5%. Immediately vested.

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Partner1's temper tantrum notwithstanding, interesting that all other posters going on and on about how great their employers' alleged generosity is on the match, they all refuse to disclose the name of said employer.... ...

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1% for 1% up to 6% total match. I don’t work at EY anymore*

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AM1. Are you sure you have that right? What employer?

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100% up to 5% plus automatic 2% annually starting after one year of employment. Vested immediately.

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Just moved to private - safe harbor 100% first 3%, 50% next 3. No vesting.

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I left for industry, 200% of first 5% with vesting immediately (match happens at each paycheck)

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Take care of your people and the business handles itself

100% of up to 6% match vested immediately. Also an additional 2% that vests 100% after 3 years

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100% for first 5%, 25% for additional 1%. No vesting period.. industry

helpful

No match here. Straight 5% profit sharing paid semi-monthly. Immediately vests. Wife works in healthcare and get 7% profit sharing, 100% match up to 6%, and safe harbor at 5%. Her 401k grows so much faster

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Dollar for dollar up to 6% - going into industry

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