401K Matching

[Guest jtobin]

I am currently a Human Resources Coordinator for a computer consulting firm with about 120 employees and almost 3 years old. We are coming up on the completion of our 1 year with a 401k plan and do not match. I am looking for info about other companies and what they do in terms of matching (percentages and such), and what your plans provide. Any information would be much appreciated. We are hoping to start matching at the first of the year.

Thanks.

[Guest PWBAer]

Know there are statistics available but don't have any current cites (only 3+ year old data).

Keep this in mind, better to match fifty cents on dollar for first 6% deferred than dollar for dollar on first 3% deferred. You'll get better participation because employees should be inclined to maximize the matching contribution. Let's face it, matching contributions are like extraordinary rates of return without related investment risk...only vesting risk which employee essentially controls.

[LCARUSI]

You might want to contact SPARK (stands for something like Society of Professional Recordkeepers).

They might have survey information for you:

SPARK

(860) 683-0336

8 Griffen Road North

Windsor, CT 06095

[Guest kseward]

Buck Consultants does an annual survey on 401(k) plans.

We have 325 employees and do 66 2/3% of the 1st 6% with a 5 year vesting schedule (20% vested each year).