I read that Wells may give a discretionary contribution to your 401k up to 4% if you make less thank $150k.
Has anyone received this discretionary contribution? If so, what % did you receive and when did it pay out?
7 replies (most recent on top)
I have not gotten profit sharing since 2018 or 2019. It went into 402k at year end.
Executive Assistant: Charlie, you need to make a decision about the discretionary profit sharing contribution for this year.
Charlie: 0%. And can you schedule a meeting with the board and the operating committee to discuss our pay raises for next year.
Anything for people 150k-200k
Yeah it was tied to profit sharing, not formally, but aligned. Haven't seen it in years
The firm has always had the ability to provide this UP TO 4%. I've never seen 4%. Uses to be 1-2%. Some years zero. Nothing guaranteed due to the up to language
It's been 0% since 2019. We got 2% in 2010-2013 and 1% all other years. This plan was essentially a replacement for the Cash Balance Plan (which got frozen right before this new profit sharing plan came along), then they cut it to 0%. I wouldn't hold your breath waiting for Charles to approve anything higher than zero.
never heard of that.....