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Contributed by mm | November 3, 2006 2:40 PM PST
Woo, up to 8% of company contribution into 401(k) accounts -- this is probably the highest among major companies. And you can expect that there are many finance-smart folks in Citi.
From WSJ:
Citigroup, the top U.S. bank, said it will end future contributions to the cash balance plan, and redirect the money to a revamped 401(k). Cash balance plans, a middle ground between traditional pensions and 401(k) plans, involve contributions funded entirely by the employer.
The new retirement savings plan, which Citigroup described as "greatly enhanced," could represent a major new expense when it takes effect in 2008. "In total, we will invest significantly more in our employees under this improved approach to our retirement savings," Citigroup Chief Executive Charles Prince wrote in a memo to U.S. employees.
Among the changes unveiled Friday is a new 401(k) plan that gives most U.S. employees the chance to receive a company contribution of as much as 8% of their annual pay, up from the current 3% matching contribution. The 8% contribution consists of a matching contribution of up to 6% and a 2% fixed contribution for employees whose salaries are up to $100,000 a year.
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The Hidden Fees in 401(k) Plans (November 13, 2006)
Good reminder from USA Today that it is too easy to losea couple of points in invisible fees in a 401(k). The problem is, you cannot switch 401(k) plans as you switch 529 plans, and I bet hardly anyone will leave a company just because ...
E-Loan's High Yield Savings Account Is Off A Good Start (November 10, 2006)
Yes, at 5.50% APY, there is no wonder many interest-rate-sensitive folks (like me) are moving to E-Loan. On a related note, Eloan also silently reduced its CD rate from 5.75% for terms over 2 years to 5.35% to 5.45%. (Still, the 2-year CD at 5.60 ...
An Ownership Society Still Takes Time (November 1, 2006)
WSJ reviews the progress to get more people automatically signed up for defined contribution plans like 401(k). I generally favor the adoption of The Pension Protection Act of 2006, which will increase the awareness of retirement savings in the general public, and force more people ...
Savings Rates Are Getting Lower (October 27, 2006)
WSJ predicts interest rates for savings account and money market accounts will creep down from this point on. I cannot agree with it more. The golden days are probably over, which makes it a wise move to lock in some high yield CDs for now.
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