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by nlawalker
3969 days ago
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6% refers to 6% of salary, not 6% of deferrals. 401k contributions are measured in terms of percentage of pre-tax salary contributed, and the match is based on that. Under the old scheme, you had to contribute at least 6% of your pre-tax salary to get the maximum match, which was 50% of whatever that value was. In other words, the maximum match was 3% of your salary, and you had to be contributing at least 6% of your salary to get that. Now, anything you contribute gets matched at 50%, regardless of what your salary is. |
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