Whats BCG 401k match?
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None. We don’t do 401(k) match, we just straight up pay into a PSRF account as part of your comp.
1. You get more. In your paycheck. Remember how your first day out of MBA you’re making in the top 3% of individual wage earners in the US?
2. Incorrect. You receive a disbursement for any portion of the year that you worked. You absolutely get PSRF for a partial year.
3. If BCG offered 401(k) matching, that would come out of the pool of money available to pay salaries. I’d rather just they gave it to me, which is what they do, than offer a match. Enough people felt this way that we stopped offering a match years ago and went to our current pay plan.
5% of all comp for Consultants and below, 10% for Project Leaders and Principals
2.3%
Gotcha, what are those terms then?
Hmmm surprising. We generally have 10% year end profit sharing for all levels into 401k plus the standard 25% of first 6% 401k match.
Yeah it's not great
It's not great for a couple reasons.
1. 5% is very average. At a firm like BCG, I'd expect more.
2. Time value of money. Receiving the money all at once means you miss out on gains throughout the year (no dollar cost averaging). A dollar today is more valuable than a dollar tomorrow, and BCG gives you all those dollars after the end of the fiscal year, which means it's all tomorrow. Also, if you leave before Feb 15 each year, you miss out on everything.
3. Not sure what you're saying about being given the cash. You're asking why it's bad and also saying you'd rather just being given the cash (which is what we don't get)?
@BCG1, I think you missed BCG3's point regarding #2. He meant that on average the sooner the money is put in, the more it will grow (ie if it's put in through the year, that's better than at the end of the year, or a month after in our case). That being said, it's very minimal, and we're very, very well compensated with great perks. I'll take flying first basically all the time, and no per diems over money being deposited through the year any day
What’s the vesting time on psrf contributions? Cause ATKs is 5 Years with a 2-year cliff meaning there’s a very good chance you get nothing to 40%.
No vesting period- fully vested immediately