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Posted: 1/8/2017 9:52:22 AM EDT
[#1]
After the crash my employer went from 27 stores to 5. One of the first cuts were to the employer match. Said he had to cut to try and save jobs. Wasn't the most painful cut because 80% of the employees didn't even have 401K. I did. The matching still hasn't come back but when it does I don't think it will be with 6 years of retroactive matching! If you get matching take it and be happy. Unless the business is now making tons of money I wouldn't expect anything to change without employees raising a fuss. Anything else is wishful thinking.
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Posted: 1/8/2017 10:35:21 AM EDT
[#2]
''Wishful thinking'' if looking at it in the best of ways, total head in the sand if looking at it just using common sense.
Hope your employee friends enjoy on sale generic dog food in their retirement. |
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Posted: 1/8/2017 10:39:04 AM EDT
[#3]
Quote HistoryQuoted:
''Wishful thinking'' if looking at it in the best of ways, total head in the sand if looking at it just using common sense. Hope your employee friends enjoy on sale generic dog food in their retirement. |
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Posted: 1/8/2017 10:44:11 AM EDT
[#4]
Quoted:
Basically the benefits at my employer are horrible, including a 401(k) with no match, high fees, and fund options that pretty much all loose money. One of my co-workers seems to think that at some point in the future (years from now) the company will give everyone a retroactive 401(k) match. I've never heard of that, and given our health insurance is provided by "All Savers Budget Insurance Co." I'm not really expecting my employer to be generous about anything. Are retroactive 401(k) matches a real thing, or just wishful bull? |
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Posted: 1/8/2017 10:47:35 AM EDT
[#5]
Quote HistoryQuoted:
Yeah, about that...any recommendations? Quote HistoryQuoted:
Quoted:
''Wishful thinking'' if looking at it in the best of ways, total head in the sand if looking at it just using common sense. Hope your employee friends enjoy on sale generic dog food in their retirement. Start your own roth and a money market fund. That is not an employer I'd let do a 401K for me using my own earned money, sounds like a piss poor deal to me. |
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Posted: 1/8/2017 11:05:16 AM EDT
[#6]
Quote HistoryQuoted:
start looking for another job. Quote HistoryQuoted:
Quoted:
Basically the benefits at my employer are horrible, including a 401(k) with no match, high fees, and fund options that pretty much all loose money. One of my co-workers seems to think that at some point in the future (years from now) the company will give everyone a retroactive 401(k) match. I've never heard of that, and given our health insurance is provided by "All Savers Budget Insurance Co." I'm not really expecting my employer to be generous about anything. Are retroactive 401(k) matches a real thing, or just wishful bull? Start working on that resume. Think about what an employer would have to shell out for retroactive 401k matching for all employees. You are talking about tens of thousands of dollars per employee. If they haven't offered you a match before, they certainly won't offer it retroactively. Tell your co-worker that they should not be expecting it either. They may offer a match in the future though, and the vesting would be retroactive, but no way in hell would the match be. |
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Posted: 1/8/2017 6:18:46 PM EDT
[#7]
You'd still lose the compound interest that you would have gained over X years. Unless you're running negative, then you might win
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Posted: 1/14/2017 4:25:37 PM EDT
[#8]
I agree with wishful thinking for retro match.
I would also ask myself "why would I not just do a self directed IRA if there is no match at my works 401k???. If you max the IRA. Then just invest outside the tax shelter and drip into a Roth on those investments. The outside investments are liquid that way. You would have a lot more options for investments. I guess if you still needed to "save" under a tax shelter use the unmatched 401k. There are a lot of ways to save besides a limited unmatched 401k at work. |
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Posted: 1/14/2017 4:31:27 PM EDT
[#9]
Quote HistoryQuoted:
Yeah, about that...any recommendations? The canned stuff isn't that great in Beef, the chicken and turkey flavors are KINDA like the country captain chicken MRE of old, but you gotta use LOTS of tabasco. Also for savings on dental care "greenies" are supposed to be great as well.
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Posted: 1/14/2017 4:33:37 PM EDT
[#10]
Quote HistoryQuoted:
Start your own roth and a money market fund. That is not an employer I'd let do a 401K for me using my own earned money, sounds like a piss poor deal to me. Uh that's not the best advice, sure max your roth first, but you can only contribute 5.5k to a roth. You can do another 18k in a 401k. So assuming income limits don't limit your options, "get both". Squirreling away only 5.5k a year isn't going over carry you through retirement very well imho |
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Posted: 1/14/2017 4:35:35 PM EDT
[#11]
Never ever heard of it. I would say it's highly unlikely and even if they do you still miss out on the compound interest from all the years lost.
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Posted: 1/15/2017 11:29:03 AM EDT
[#12]
Quote HistoryQuoted:
Never ever heard of it. I would say it's highly unlikely and even if they do you still miss out on the compound interest from all the years lost. Compound interest is the big kicker. You can google it and find some charts but basically, this is the effect. If a person invest x dollars from age 20-30 and then stops forever, they will have more money than if the invested the same amount per month from age 40-60. That's the power of compound interest. And seriously, if the company isn't doing it now, they aren't going to just decide to start doing it later AND pay hundreds of thousands or more in retroactive benefits. Think about how logical that is. |
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Posted: 1/30/2017 9:34:23 AM EDT
[#13]
Tell your coworker there is no such thing as Santa Clause
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Posted: 1/30/2017 9:47:59 AM EDT
[#14]
Can't be done; the way you describe it. If, in 2025, the ER wants to make a match for those in 2017, they'd need to make it for all ee's and former ee's (wherever they are now). And all based on 2017 eligibility. What can be done is making a "year-end" match.
Also, IF you are a highly compensated ee, the er can put in a Non-Qualified plan and do what you state. But, what they would typically do is make the match in the year in which you contribute. Then put it thru a vesting schedule. In a Non-Qual plan, they can have a very long vesting schedule, 10 yrs, longer, etc... |
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