The contract I work on was just awarded to a new company, actually two new companies and I was assigned to the shitty one. Before we received our offer letters I inquired about benefits, specifically the 401K and I was told that all employee benefits would be “equitable if not equal” between the two companies.
Yeah……well the other team had their benefits actually listed in their offer. Mine….I just got a salary.
I asked to have the benefits listed, specifically because I had been told when I previously worked for this company that anything not on the offer letter “didn't exist”. Got back another offer letter and there is an attachment with the 401K.
To say it sucks is an understatement. Every other company I've worked for (except these guys) has offered to match the 1st 3% or 4% of an employee's contribution. Maybe it's a “we'll match 50% of an employee's contribution up to 3% or 4%”, with the idea you put in 6% or 8% and they'll do 3% or 4%, for a total contribution of 9% or 12% of your salary into the 401K.
These guys…..they'll do 7.5% of the actual contribution, maxing out at you putting in 5% of your pay. Effectively the company match is 0.375% of your annual salary, assuming you max it out.
So let me get this straight….if I make 50K a year for 20 years with you company, maxing out the most I can put aside you'll contribute a whopping $3,750 into my retirement?
Yeah…the other company, basically ANY OTHER COMPANY, will surpass that in less than 2 years……
I don't think they understand what “equitable if not equal” means….