My new Company offers a 100% Matching 401K to 3.5% based on paycheck amount.
The company that manages the 401K is through PayChex
The system only allows the contributor to type in whole numbers for percentages.
I can type 3% or 4%, but not 3.5%
If I type 3%, it matches Dollar of Dollar
If I type in 4%, it matches less than Dollar for Dollar
I contacted PayChex and asked them to set it to 3.5%, but they say that’s impossible and that all 401K’s only allow the contributor to use whole numbers.
Is it true that all 401K are like this?
If so, what is the point of allowing the Company to offer 3.5% when the user cannot select that percentage?
Money is SUPER tight with all this inflation, every penny counts.
Please sign in to leave a comment.