Who doesn’t want a little extra ‘free’ money in their retirement accounts? With an employer match, it’s possible.
With an employer match, the company is contributing up to a percentage of what the employee puts into her employer-sponsored retirement plan. For example, if a company’s policy is to match up to 5%, the employee must be contributing 5% or more to get the full match. If that same individual only deferred 3% of her salary to her 401, the company would contribute 3%.
Have a question about your retirement, including where to live? Check out MarketWatch’s “Help Me Retire” column The pandemic impacted some employer match benefits. A few major corporations had to suspend their employer matches as a result of the coronavirus crisis, though many businesses have said they plan to restore this perk, if they haven’t already. Smaller businesses were hit especially hard, according to the Society for Human Resource Management — 11.