{"id":7614,"date":"2023-12-13T05:58:19","date_gmt":"2023-12-13T11:58:19","guid":{"rendered":"http:\/\/uawlocal2250.net\/live\/?p=7614"},"modified":"2023-12-13T05:59:41","modified_gmt":"2023-12-13T11:59:41","slug":"how-does-the-new-401k-benefit-compare-to-other-companies","status":"publish","type":"post","link":"https:\/\/uawlocal2250.net\/live\/index.php\/2023\/12\/13\/how-does-the-new-401k-benefit-compare-to-other-companies\/","title":{"rendered":"How Does The New 401k Benefit Compare To Other Companies?"},"content":{"rendered":"<p>You can listen to this analysis of the recently negotiatied 401k benefit in the new UAW\/GM national agreement.\u00a0 This benefit is a 10% company contribution.\u00a0 This contribution does not require any contribution from a member.\u00a0 How rare is this? Is it good compared to plans offered by other companies? The answer can be found in<a href=\"https:\/\/www.marketwatch.com\/story\/uaw-agreement-strengthens-retirement-security-aecfb438\"> UAW agreement strengthens retirement security<\/a>&#8230;<\/p>\n<blockquote><p>In terms of the specific question about the 10% contribution to the 401(k), data from Vanguard suggest that the contribution is higher than that provided by most other employers.<\/p>\n<p>First, it is unusual for a company to provide solely a nonmatching contribution \u2014 just 2% of plan participants received one in 2022 (see Table 1).<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/images.mktw.net\/im-54038869?width=700&amp;height=182\" \/><\/p>\n<p>Second, for those employers offering only a nonmatching contribution, only 5% of participants were in plans that offered a contribution of 9% or more.<\/p>\n<p>But overall, the 10% nonmatching contribution is definitely at the high end of plan providers.<\/p><\/blockquote>\n<p><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcRlcziiw0Ln1dacn20tx6N0yFLESOOrBerGug&amp;usqp=CAU\" alt=\"Premium Photo | Wooden blocks with number 401k business and finance concept\" \/><\/p>\n<p>(graphic via freepik.com)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can listen to this analysis of the recently negotiatied 401k benefit in the new UAW\/GM national agreement.\u00a0 This benefit is a 10% company contribution.\u00a0 This contribution does not require any contribution from a member.\u00a0 How rare is this? Is it good compared to plans offered by other companies? The answer can be found in [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7614","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/posts\/7614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/comments?post=7614"}],"version-history":[{"count":2,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/posts\/7614\/revisions"}],"predecessor-version":[{"id":7616,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/posts\/7614\/revisions\/7616"}],"wp:attachment":[{"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/media?parent=7614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/categories?post=7614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uawlocal2250.net\/live\/index.php\/wp-json\/wp\/v2\/tags?post=7614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}