| 02:06pm Nov 14, 2000 PST (#1 of 9)
We are a 25-person agency, and we're looking at increasing our 401(k) employer match. For those who participate in the 401(k) program, what is your matching percentage?
Carrie L. Suntken Business Manager Concept Group Inc.
02:06pm Nov 14, 2000 PST (#2 of 9)
We match 25% of the first 6% contributed by our employees.
Mike Bratton
02:07pm Nov 14, 2000 PST (#3 of 9)
We are a 35 person agency, and we match 25% of the first 6% of the pay that the staff members contribute to the plan through salary deferral contributions.
Neelum Singh Director, Human Resources Hanon McKendry
02:07pm Nov 14, 2000 PST (#4 of 9)
we put our employer match at the lowest number allowed, we don't match until the end of the year, then we match according to profits for the year. That way we can increase the actual amount based on the agency's profit. This helps incent the staff without putting us in a box that says we must match x amount regardless of the financial picture of the agency.
Shelly Constantz
02:08pm Nov 14, 2000 PST (#5 of 9)
Our matching is 3% of those who choose to participate.
Felica Sparks Office Manager Benton Newton & Partners Advertising
02:08pm Nov 14, 2000 PST (#6 of 9)
We match dollar for dollar on the first 2% and $.50 on the dollar for the next 4%. So, if an employee is deferring at least 6%, the match is effectively 4%.
Mary Beth Harris Controller Interactive Marketing Group, Inc.
02:08pm Nov 14, 2000 PST (#7 of 9)
When we started our 401k, the employer match was 100% - for the first 3 months. This was very motivating and everyone at the agency signed on (about 23 people). We could put up to 6% of our paychecks. After the initial period, the match dropped to 50%. Not bad...
Donna Lipp Hemisphere Group
02:09pm Nov 14, 2000 PST (#8 of 9)
Our 401(k) plan is a feature of our profit sharing plan. All employer contributions, including the match, are at the employER discretion. The max we would ever match, however, is currently 6%.
Pamela A. Brosch, CPA Chief Financial Officer HSR Business to Business Inc.
02:09pm Nov 14, 2000 PST (#9 of 9)
We are also a 25 person agency. We don't have a "match" program per se, but have set up a "profit sharing plan" instead. We offer 401K too, but the profit sharing plan allows us to defer more than a specified match in good times, and allows us the flexibility to not defer if times are lean. Way more flexible.
We actually have 3 plans: a 401K, a profit sharing plan, and a money purchase plan. The combination allows us to defer the IRS maximum on behalf of our employees. Excellent recruitment & retention tool.
Ask your pension service administrator.
Roxanne M. Cowan Director of Finance Rutherford Bolen Group
|
