Employers in the United States now understand that offering a 401k match is an appealing incentive for many job seekers. After all, who wouldn’t be interested in working for a company offering a workplace savings program?
The additional funds from employers motivate individuals to save for retirement. In order to gain more, most people look out for companies with a plan that is above average. That said, this blog post focuses on companies offering the most attractive 401k matches in the United States.
Companies with the highest 401k match in the United States
Amazon
Only Amazon employees who are 18 or older can benefit from this retirement savings plan. The company known for its e-commerce, grocery delivery, and robotics services employs over a million people in the United States.
Amazon promises to match 50 cents for every $1 an employee saves, with a limit of four percent of their compensation. Eligibility for matching contributions starts once an employee is hired.
However, they will need to work for three years later or complete 3000 hours of work to be fully vested. Both full-time and part-time employees can partake in this plan.
ConocoPhillips
As a multinational crude oil producer, ConocoPhillips stands out with its matching contributions. In the United States, they also rank among the top companies with the highest 401k match.
Employees here earn about 6% match for contributing just 1% of their salaries. Additionally, the company offers an extra 6% based on the company’s performance.
They also aim to support employees’ 401k with a minimum of 3% discretionary contribution totaling 9% matching contribution.
Samsung
Samsung is one of the companies that offer partial and full match contributions for employees’ 401ks. It is a prominent brand in the global electronics market. They market and distribute innovative products from semiconductors, smart refrigerators, and mobile phones.
Employees including regular, full-time, or part-time workers who have a minimum of 30 hours of work are eligible for 401ks. That said, Samsung offers a total of 4.5 percent per annum, three percent of workers’ earnings is matched dollar for dollar, and on the next, three percent is matched at 50 percent.
Qualcomm
Qualcomm is a technological company known for developing mobile devices and communication technologies. It offers a unique 401k plan that allows low-income earners access to generous matching contributions.
For example, initial contributions worth $1500 are matched by 100%. Subsequently, Qualcomm matches 50% for a $1500 contribution and 33% for $7,500.
This is followed by a 10% match until reaching the IRS contribution limit of $23,000
Apple
At Apple, the 401k match employees can access depends largely on years of service. As a multinational technology and corporation company, they have employees from all walks of life. Those who have spent two to five years at the company are qualified to receive a 75% partial match whereas those with less than two years of service are only eligible for a 50% partial match. Additionally, Apple offers a dollar-for-dollar match up to 6% of income to boost retirement savings.
Also Read:Â Â Top 7 Jobs with good work life balance in US and UK
Microsoft Corporation
The largest computer software provider, Microsoft Corporation, encourages retirement savings among employees by providing an attractive 401K match structure. This robust plan is often without limits and open to direct employees and workers in subsidiary companies such as LinkedIn.
They offer three different plans such as the traditional 401k, mega backdoor Roth, and Roth 401k. With these options, employees can raise a substantial amount upon retirement.
It is important to note that all employees are eligible to enroll immediately after they are hired. Contributions along with matching benefits can be vested once you start.
