Comment on What did UAW members at the "Big 3" gain with their strike?

• MeatRobot@lemmy.world ⁨1⁩ ⁨year⁩ ago

  It’s a straight up contribution. For every dollar paid in wages, the company also contributes ten cents to the employees 401k.

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  • princessnorah@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

    This is kind of wild to me. In Australia we have a similar thing called Superannuation. Everyone is entitled to 11% from their employer, going up to 12% by the 1 July 2025. Unions bargain for agreements with extra contributions on top of that base percentage.

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    • Asafum@feddit.nl ⁨1⁩ ⁨year⁩ ago

      “Everyone is entitled to 11% from their employer”

      That sounds an awful lot like a socialism and from what I’ve been told just doing a socialism once will bring a dictator to your door who will genocide your entire population.

      F’s in chat for Norah. :(

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• quicksand@lemm.ee ⁨1⁩ ⁨year⁩ ago

  Man, that’s really good

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  • ChlorineAddict@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Compared to zero, yes, but employers can, and I know some that actually do, match up to 100%.

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    • quicksand@lemm.ee ⁨1⁩ ⁨year⁩ ago

      Oh I thought it meant they matched 100% up to 10% of your paycheck. That’s how my work does it but only up to like 3% and then 50% for another 3%

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      • ChlorineAddict@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Say I have a 50% contribution match from my employer. For every $2 I contribute into my 401k my employer will add their own $1.

        Some employers will force you to contribute a percentage of your paycheck towards your 401k, others will allow you to contribute up to a percentage of your paycheck, not all employers match though and not at the same rate. I believe my employer allows me to contribute up to 60% of my paycheck if I wanted (until the annual IRS limit is reached) but they will only match 50% of whatever dollar amount I send to the 401k account.

        IRS will only let a person add $22,500 in 2023, which means if I max out my contribution my employer will add $11,250 for a total annual contribution of $33,750.

        The IRS will only allow me and my employer combined to contribute $66,000 in 2023 to my 401k. I am unable to hit that $66,000 limit because my employer doesn’t match 293% of my contribution.

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    • prole@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      Based on what someone else said, this isn’t a match but a straight up contribution. So if that is to be believed…

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      • MeatRobot@lemmy.world ⁨1⁩ ⁨year⁩ ago

        From the supplemental agreement regarding the personal savings plan (exhibit G, available at uaw.org/gm2023

        “The Company shall increase its contribution to an Eligible Employee’s Account from 6.4% to 10% of each such Employee’s Eligible Weekly Earnings with such increase to be implemented by December 31 2023, with contributions made retroactive to October 23, 2023”

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      • ChlorineAddict@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Well that’s sure neat. Thanks for clearing that up

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