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What's your Match?

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  • SLC OB SLC OB 
    Participant
    Status: Physician
    Posts: 616
    Joined: 06/23/2018

    As I transition from 1099 to W2, I will be getting a match now for my retirement accounts.

    Wondering… what is a typical match?

    Are most step-wise as you increase the years you are at the institution?

    Just curious… I think the match I am being offered is good but want to compare.

     

    #213786 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1226
    Joined: 02/15/2016

    4%, 6 year graded vesting

    #213788 Reply
    Liked by SLC OB
    Avatar Brains428 
    Participant
    Status: Physician
    Posts: 466
    Joined: 11/09/2017

    2.5% match with 6% contribution with full 6% match eventually (10-15 years in). It gets graded up a half percent every 3 years.

     

    I’m editing the above info after I looked it up again…

    2.5% match with 6% contribution.

    Service contribution up to 4% of salary dependent on years with the hospital (4% reached at 15 years, 1% contribution from 1-5 years).

    #213790 Reply
    Liked by SLC OB
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4683
    Joined: 01/08/2016

    0.

    #213791 Reply
    Avatar MnSaver 
    Participant
    Status: Other Professional
    Posts: 65
    Joined: 01/04/2018

    I’ll give a non-medical POV. For me, large corporate employer pays 4% match and 5% defined contribution for a total of 9%. Spouse is a public school teacher and gets a 2% match.

    #213792 Reply
    Liked by SLC OB, mapplebum
    Avatar AR 
    Participant
    Status: Physician
    Posts: 873
    Joined: 03/10/2016

    Does anyone have caps on their matches?  For example with the 6%, it will be 6% of your total salary no matter how high that is?

    #213803 Reply
    Liked by SLC OB
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1226
    Joined: 02/15/2016

    Does anyone have caps on their matches?  For example with the 6%, it will be 6% of your total salary no matter how high that is?

    Click to expand…

    This is an IRS limit for HCE’s.  $280,000 this year.

    #213804 Reply
    Liked by Craigy, SLC OB
    Avatar HikingDO 
    Participant
    Status: Physician
    Posts: 370
    Joined: 03/09/2017

    4%, vested first day

    #213807 Reply
    Avatar mapplebum 
    Participant
    Status: Spouse
    Posts: 329
    Joined: 04/17/2018

    8% to $280k

    #213809 Reply
    Liked by SLC OB, FIREshrink
    Avatar AR 
    Participant
    Status: Physician
    Posts: 873
    Joined: 03/10/2016

    Does anyone have caps on their matches?  For example with the 6%, it will be 6% of your total salary no matter how high that is?

    Click to expand…

    This is an IRS limit for HCE’s.  $280,000 this year.

    Click to expand…

    Thanks. I figured there had to be one, but I’m not in a match situation, so I wasn’t sure what it was.

    #213815 Reply
    Liked by SLC OB
    Avatar FutureDoc 
    Participant
    Status: Resident, Physician
    Posts: 125
    Joined: 04/24/2016

    18% employer contribution 401a (no employee contribution) up to 280,000. 100% vested immediately on a monthly basis.

    Also 3% match on 403b. Job is a unicorn when it comes to employed retirement benefits.

    #213817 Reply
    Liked by SLC OB
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3337
    Joined: 09/18/2018

    Mandatory ORP
    Employee 6.65 %
    Employer. 8.5 %
    Capped at $280k

    TSA 403(b) and DCP 457(b) optional up to $19k each.
    HCE is “forced” to save with a generous match which exempts it from voluntary contribution limits opening up additional $19k. No state income tax.

    Not to divert the thread, but these are the “state laws” as benefits for public institutions. Curious how tax efficient different states line up in sheltering income from taxes. The key here is the mandatory employee contribution is exempt from the $60k limit of voluntary + employer. I can only assume Cali, Illinois, and NY have similar options (I hope). Subject for a different thread.
    Apologies. Well played Texas, looks like HCE’s were able to have an influence greater than their numbers.

    #213820 Reply
    Avatar JBME 
    Participant
    Status: Spouse
    Posts: 568
    Joined: 03/26/2018

    7.5% for me in our 401k (other places I’ve been are 4-5%, which seems standard), as long as I put in at least 7.5%. 100% vested after 3 years, 0% vested otherwise (this is top of mind right now for me as I’m just a few months away and there are big talks of a major org shakeup next month when I’ll be 7 weeks from being here for 3 years….if I get canned I’m going to be pissed primarily because all of that match money won’t be mine)

    Wife’s 401k match is 13% as long as she puts in at least 2%. Vested immediately. Also has a 401a….she must put in 5.5% and employer puts in 10%. Vested immediately. These are true golden handcuffs!

    #213821 Reply
    Liked by SLC OB
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3337
    Joined: 09/18/2018

    @jbme,
    “These are true golden handcuffs!”
    Only until you vest 100%. Handcuffs are future vesting.
    Your wife has comp + benefits. No handcuffs there. Good luck with your vesting.

    #213824 Reply
    Liked by SLC OB, JBME
    TrumpMD TrumpMD 
    Participant
    Status: Physician
    Posts: 18
    Joined: 05/11/2019

    As I transition from 1099 to W2, I will be getting a match now for my retirement accounts.

    Wondering… what is a typical match?

    Are most step-wise as you increase the years you are at the institution?

    Just curious… I think the match I am being offered is good but want to compare.

     

    Click to expand…

    I get 3% match on 6% contribution, plus an age-based employer contribution which is presently 1.5% (goes up with age).

    I get full vesting at 3 years.

    "Tax loss harvesting": buy high and sell low to achieve true wealth

    #213816 Reply
    Liked by SLC OB

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