Anonymous
08/29/2013 18:38
Subject: Retirement benefit question
Anonymous wrote:Just got info on benefits for a possible new position. One was listed as the following:
Fidelity IRA with up to 3% matching
What exactly does that mean? I know there is probably a cap on how much I can put in to the IRA...is that a set amount based on federal regulations? (I know that's the case for the SEP-IRA I contribute to as a freelancer).
And 3%...of what amount?
Finally, is this typical...or better/worse than average for a small, for-profit company?
It means they match everything you put in up to 3%. so if you put 1% they also add 1% on your behalf. If you put 2, they add 2, and so up to 3. if you put 5 they will still only add 3.
Anonymous
08/28/2013 14:06
Subject: Retirement benefit question
Up to 3% of your salary usually based on what percentage you put in.
For example, for me, I get 1% contributed automatically, even if I don't contribute anything. Then I get a 1:1 match for the next 3% I contribute, and a 1:1/2 match for the next 2% I contribute. If I put in more than 5% I get no additional match.
So, it looks like this (the first percentage is my contribution, the second is my employers, the third number is the total amount that goes into the account):
0%+1%=1%
1%+2%=3%
2%+3%=5%
3%+4%=7%
4%+4.5%=8.5%
5%+5%=10%
6%+5%=11%
etc.
For example, for me, I get 1% contributed automatically, even if I don't contribute anything. Then I get a 1:1 match for the next 3% I contribute, and a 1:1/2 match for the next 2% I contribute. If I put in more than 5% I get no additional match.
So, it looks like this (the first percentage is my contribution, the second is my employers, the third number is the total amount that goes into the account):
0%+1%=1%
1%+2%=3%
2%+3%=5%
3%+4%=7%
4%+4.5%=8.5%
5%+5%=10%
6%+5%=11%
etc.
Anonymous
08/28/2013 13:20
Subject: Retirement benefit question
Just got info on benefits for a possible new position. One was listed as the following:
Fidelity IRA with up to 3% matching
What exactly does that mean? I know there is probably a cap on how much I can put in to the IRA...is that a set amount based on federal regulations? (I know that's the case for the SEP-IRA I contribute to as a freelancer).
And 3%...of what amount?
Finally, is this typical...or better/worse than average for a small, for-profit company?
Fidelity IRA with up to 3% matching
What exactly does that mean? I know there is probably a cap on how much I can put in to the IRA...is that a set amount based on federal regulations? (I know that's the case for the SEP-IRA I contribute to as a freelancer).
And 3%...of what amount?
Finally, is this typical...or better/worse than average for a small, for-profit company?