Hello
I just started a new job with a dollar-for-dollar employer match on the first 3% and 50% of the next 2% of my contributions.
I’m not getting the math of the second part.
so if I contribute 10 of salary that’s income*10% = contribution
contribution*3% = companyMatch
So right now I’m saving contribution + companyMatch
What is the next 2%? (contribution-companyMatch)*2% ?
After that, I get that it would be half of that and sum it up to what I’m saving.
Thanks
You’re overcomplicating this. It’s a standard safe harbor match.
You put in 3%, they put in 3%.
You put in 4% (3 + 1), they put in 3.5% (3 percent for your first three, 0.5 for the next 1)
You put in 5%, they put in 4% (3 percent for your first 3, 1 for the next 2)
Anything beyond 5% is unmatched.
To get a full match of 4%, contribute 5%.
Anything else you contribute, no employer match.
Sounds like they basically invest a maximum of 4%. Once you exceed 5% your money is being saved but you have hit the cap for company match.
Not sure why companies do this instead of just offering 4%
You may find these links helpful:
– [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
– [401(k) FAQs](/r/personalfinance/wiki/401k)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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