Dumb Question - Corp dev offer has 100% 401k match, is this super rare?
coming from IB was told that if I max out my 401k ($23k) the company will straight up match that 100% and give $23k aswell. Is this unheard of? I am astonished. Not even trying to subtle flex I just have never heard of this - is there some catch
Yes, it’s rare. However, perhaps they are trying to make up ground since I bet you’re taking a massive haircut on salary.
I was actually speaking to someone who plays in the nba about this topic randomly, and he said players get 125% match on all retirement contributions, but only like 15% of players participate. This is the only other time I’ve heard of such a high match as yours.
How big a salary haircut are you taking?
You know its a good day when Smoke Frog gives a serious answer.
I am IB associate with $175k base currently. My base is actually going up with this new offer to $225k (that I will 99% accept I think). It is in strategy at a Series D startup (non-tech). Recruiter told me my all in should be in $235k-$275k zipcode. Think I got really lucky, should I just say fk "high" finance and accept this instantly? I want my life back I am so miserable lol
Yeah that's a great offer, you should take that
Yes great offer.
If that's the work you want to do, then yes. You should take the job.
Just to pile on - that’s the highest base I’ve heard of from the level you’re coming from. Congrats man that is very well done, no brainer imo
That is an insane offer, I wouldn't think twice, take it and run. I think most of the CD folks here would kill for a role like that.
I would take the offer. How did you find it? LinkedIn?
Wasn't it reported that ~60% of NBA players go broke within so many years after retiring or at least have financial difficulties?
I don’t know what the exact percentage is, but yes, it’s well known that the vast majority of athletes go broke a few years after leaving the sport.
And it makes sense. It’s a ton of money given to a young person who likely came from a childhood where money was scarce and doesn’t have much financial acumen.
However, my nba friend said that with the new tv deal, the league minimum is getting so high that only total morons could go broke given the massive salaries. Unless the athlete gets into gambling or drugs or gets divorced, he should be able to avoid financial ruin.
Yes. This is unheard of.
I work at Dominion Energy, and I thought my 4% automatic with 4% matching that goes up by 1% every 5 years you work there was a sweet deal...
Great benefit. Random story- I previously worked for a company that had an 100% match, but it was discretionary at the end of the year (not automatic matching each pay period). It was a huge hit until one year they made the decision to cut back to a 6% match and never brought the full matching back. Employees were pissed- they essentially got a surprise pay decrease. It also disproportionately hurt the directors and below, since the VPs and above would still get maxed out with 6%.
Awesome! My company only matches 4%, cheap multinational company... first job I'm at though where I can comfortably max my 401K. So that's been cool.
But, our other benefits are straight ass (garbage health insurance lol). Every previous employer had far better insurance options.
Are you sure it’s not 100% match up to 3% or something? Some will do 100% to 3% others might do 50% to 6%
this
What's your vesting period on the match? My firm does 9% match on $325k comp but its a 5 year vest so basically worthless
never seen anything like that before - only 3-6% tops and sometimes vested over a 3-5 year period
As someone in rollups ($5-$50M Revenue) I've seen hundreds of different benefits plans.
Best one I saw was employer contributing 12% for all employees, whether the employee was contributing or not. 100% vested
Lucky you... and I thought my 6% match (vested immediately) was solid
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