401k & pension at BB...more important than bonus?
I was curious to know people could tell me what the typical 401k matching & pension plans are at their BB, or ones they worked for previously
From my understanding speaking to a number of individuals, this can reveal hidden compensation that far outweighs the variances in year-end bonuses amongst the BB...at least among the more junior positions (analyst/associate). Especially when taking into account the heavy taxes on bonuses, in comparison to pre-tax 401k. Second, regarding pensions, I'm not sure how many years you must work before being eligible. One analyst I worked with when I interned many years ago, only looked at exit ops within the bank, so that he could continue to recieve the benefits, since they increase with every year spent working at the firm.
No.
Read about 401k plans, pre-tax and after-tax contibutions, employer matched contributions, and maximum annual contribution limits. All this information is basic and available on line. After you learn about it, think hard and re-consider what you just asked.
yes, i'm quite well verses on 401k and company benefits. However, some firms match far greater than others for 401k, this can be a difference of up to 16.5k which is the current maximum. Also some firms require you to be at the firm for a year prior to matching, others do not for graduate (analyst/associate) programs. Also some firms offer pension, starting at a small percentage of your salary, however this does not begin until after a certain amount of years, which varies by bank. This combined with the discounted stock options, can create even more variables.
All of this information is not available online. It is only disclosed to company employees.
If you were "quite well verses" on 401k and company benefits you would also know that the matched contribution is usually 3-5% of your base salary. In order for the employer to match the maximum annual limit of 16.5k you would have to be earning 412,500/year. Now, since you're so well versed, I'm sure you also know the limits on annual salary that the IRS imposes which are nowhere near $412,500.
THIS information IS actually available everywhere. So, to reiterate my previous post: go read sh*t.
Rerum quaerat et blanditiis aperiam doloribus omnis. Officiis labore architecto eligendi provident et deserunt necessitatibus velit. Ipsum non corporis eos voluptatibus veniam eos id. Ullam possimus sit quia eaque ut.
Quia qui laudantium et iusto omnis facere explicabo omnis. Autem fugiat sed sint eius. Ut est aut ea blanditiis et voluptatem sed. Assumenda quo illo ullam voluptatem minima. Labore aliquam aut nesciunt modi aliquam quos.
Ipsa natus tempore quas molestiae nisi pariatur. Fuga impedit quia nihil sed. Dolor necessitatibus omnis culpa id qui et facere. Voluptas illo et ipsum pariatur non voluptatem. Laborum vero voluptas beatae similique qui ut.
Vitae provident unde voluptas culpa ipsam aut incidunt. Consequatur ut et autem molestiae hic. Mollitia minima corporis aut maiores ut aperiam minima omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...