{ "media_type": "text", "post_content": "Why is the Deloitte 401k match not competitive with most other firms?", "post_id": "5a4b113e05116200188d6d05", "reply_count": 19, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Why is the Deloitte 401k match not competitive with most other firms?

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I feel like a more important question is why don't your analysts get a bonus until the end of their 3rd year When I heard that I couldn't believe it

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For PwC it's because of our pension. I bet it's the same for D

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PwC’s “pension” is a defined contribution plan while Deloitte’s is a defined benefit plan. For more details on PwC, we get a 25% match on first 6% to 401k, which is the same match Deloitte gets is my understanding. For our “pension”, we get a fixed percentage of salary each year - eg, Senior Associates get 4% each year, Managers get 5%, etc. Deloitte must have some sort of formula for benefit payout...

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Our pension was not cut. You don’t know what you’re talking about.

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^great point regarding difference in contribution/benefit. I didn’t realize Deloitte used an actual pension and (incorrectly) assumed that it was similar to ours. Thanks for the note

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👆this

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A2 see above. After 10 years mine is at $50k. It’s not meant to be your sole retirement source like in the old days. It merely compliments what the firms matches from our 401k (which is less than other firms).

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Only partner pension was cut. Non-partner is the same...

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Bcg1, there are reasons that people try to go from big4 to mbb and not backward

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Pension is the leading in the industry- Partner pension even more so. Honestly it is our biggest risk as a firm.

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SM1: for a reference point, that seems lower than PwC at least. Our pension is based on job title. I started as an associate and made manager 2 years ago. After those 5 years, mine currently sits at $34k. Our 401k match is capped at 1.5% (25% up to 6%).

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P3: Only the partner plan is defined benefit. Regular employee is defined contribution.

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D pension was cut effective 2018 and is not good anymore.

Pension was cut but 401(k) match did not increase?

Ask them to axe the pension plan and give a better match.

I read the pension match was capped at 3% for all no partners. Hope I am wrong

Pension percentage each year is determined by age and years of service. It compliments our 401k such that the retirements benefits package is competitive with other firms.

Deloitters, how does your non-partner pension work?

Thanks, how are the contributions calculated? Give example please?

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