As you may know, I started a new job recently. I knew that the company matched 4% towards a 401K plan, if you put in 8%. So, I decided to contribute 8% so I could get the full company match.
Well... imagine my surprise when I noticed they were actually contributing a full 8% into my retirement account!
I thought it may be a mistake and waited until it happened again on my second paycheck, then I looked through all of my new hire paperwork and benefits information I was given and this wonderful extra payment isn't mentioned anywhere. Then I phoned our benefits department and got some more information.
It turns out that the company used to have a pension for employees and since they no longer offer that for new hires, they offer an additional 4% match which goes into the 401K plan. This was great news and a benefit that should have been mentioned somewhere as an extra recruiting perk that would have helped seal the deal.
So now instead of just 12% going in, I have a full 16% which brings me close to maxing out. I'll be fully vested in these employer contributions in 3 years. Just another incentive to stick around there at least 3 years :-)
Wow!! What a nice surprise!!
ReplyDeleteIt really was Michelle :)
DeleteI think we must work at the same company. Mine has the same exact percentage matching and 3 year vesting period. Congrats :-)
ReplyDelete:) Thanks Tiffany!
DeleteThat's an awesome company input!! It will definitely make a difference down the road!
ReplyDeleteThat's what I'm hoping for! I just want to put it away and forget all about it... until it's time to retire :)
DeleteThis is wonderful news! Congrats on the exciting benefit!
ReplyDeleteWhat a great perk indeed! You are very blessed and I hope this job continues on for you for a very long time!
ReplyDelete