ARTICLE
QUESTION: Are other INARF member organizations offering a match to employees on their retirement plans? We currently have a profit sharing plan and wanted to know if other organizations are offering a match or not. We offer a $2,000 match. We offer up to a 3% match. Qualifications: Non-match or match benefit for employees that meet 1,000 hours within a year (based on anniversary date). We offer a non-matching amount of 2%. We match up to 4%. We used to match 4% non-match but found that employees tended not to contribute any of their own funds and used what the company put in to take out loans and hardship withdrawals. Changing the match helped two-fold: 1) it motivated staff to increase their retirement fund to better prepare for the future by putting in more to meet our match and 2) saved our organization quite a bit when it came to those that are currently unwilling to contribute to their retirement. This information is a compilation of suggestions, ideas, and opinions shared by INARF Members in response to the featured question. This information should not be considered official interpretation or guidance of State or Federal Policy. Additionally, statements within this document do not necessarily reflect an official position or opinion of INARF.
QUESTION: Are other INARF member organizations offering a match to employees on their retirement plans? We currently have a profit sharing plan and wanted to know if other organizations are offering a match or not.