401(k) match is being advertised in HR Direct. Anyone else see that their match is less than what it should be based on 8% contributions all year?
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One area I will actually defend Honeywell on is their 401k match. 7% match deferred is quite rich compared to most. Hurts if you do not stay until Dec 15th... but it remains as one of their best perks.
“yep I see 20k deposited into my 401k, how long until I can move it out of hon common stock?”
Immediately. I did it on the first day of trading.
Did they tell us that it would be It’s 87.5% of 8% ? Also what a weird way to say it. If I was furloughed a week, that doesn’t add up. I t looks like I was shorted several months of matching.
The match can also be lower because of a furlough shtup, if you were furloughed at all in 2023. HR has got this calculated out to the penny.
@2nsu, did you get a merit increase in 2023? If so, you need to account for the fact that the 7% before the increase will be lower than the 7% after the increase. Match = 0.07(salary before increase)(fraction of year before increase) + 0.07(salary after increase)(fraction of year after increase).
Mine was slightly below 7 percent.
The company match does not affect your contribution limit (23,000 for 2024).
: @1gdl+1qDRmybg
So are you saying that my 2024 contribution is polluted by this contribution? This will affect all of my contributions for 2024 based upon 2023 earnings? If I want to max my contributions in 2024 because I am retiring and I need to keep my 2024 earnings low for other reasons, this limits my 2024 contributions? This doesn't sound right at all.
And remember, that is deposited for tax year 2024, not 2023. If you leave to another employer, you could potentially go over the 401k max limit(~69k), not just tax limit(23k), with a new employer match.
Hhell did that so they didn't have to report 401k contribution (expenses) for the previous year when they switched from weekly matches to yearly. So they basically didn't match anyone for a year, and continue to do so if you don't remain employed in December.
Didn't Enron require the 401k match to be in company stock as well?
@1qva+1qDRmybg I think immediately.
yep I see 20k deposited into my 401k, how long until I can move it out of hon common stock?
I would start by slimming down charlotte 50%
I have a very suspicion that it will be reduced even more this year.
Heard very strong rumblings that VK will be rolling out even more aggressive cost cutting initiatives over the year. They are not showing it but there is real trouble up top.
pizza delivery is free but there is a discount if you pick it up. fun with numbers.
those in USA mainland are higher than in PR.
The numbers are 2023 tax year, just deposited
Interesting that people don't know the match is 87.5% of 8, or 7%. While it's not as good as 8% in the past, and the yearly lump sum stinks, it's still well above the national average of 4.5%.
It’s 87.5% of 8% now (so 7% match). The numbers on HR direct are the amount deposited last year. 2024 match isn’t shown yet.
MUHAHAH! 75% of 8%. Why not call it what it is in simple terms? AKA 6%. As the circus barker would point out while playing the shell game, At no time does my hand leave arm. Now that's sad.
dont forget it is 75% of 8%, not 100 like it used to be.