Do most tech companies offer 401k matching programs or something similar? Edit: Yes: Google, LinkedIn, Microsoft, Amazon, Cisco, Facebook, Airbnb No: SolarCity, Uber, Postmates
$9000 a year in free money is hardly overrated.
Cisco matches 4.5% of your base pay.
Amazon offers matching but in Amazon stock, 3 year cliff, and limited matching amount as compared to other tech companies.
Also if you make over 120k you can't contribute the maximum at Amazon.
yes
Is there a cap on how much they'll match?
Fb: 50% employer match up to min(7% compensation, $18k)
7% of TC or 7% of base?
Airbnb does
there is a cap on how much you can contribute per year set annually by the Good ole US govt. 18k for now
That's one of those lies companies tell employees. There is an 18K cap for total pre-tax 401k and Roth 401k. There there are catch-up contributions for people over age 50. These are capped at 6K for total for pre tax plus Roth. But there is also a defined contribution limit of 54K. It is the total pre tax, Roth, and post tax contributions plus employer match. It does not include catch up contributions. So let's say one contributes 18K to the 401k and the employer matches 6K. That is 24k. You can contribute another 30k. If there is another say 6K match on the post tax contributions then you can contribute 24k. Add the catch up contributions and this takes you to 60K per year including employer match.
Amazon does ½ of up to 4% (so that's 2% max). My old job matched up to 6%. :/
Intuit matches 100%, up to 6% of salary + bonus; capped at $10k annually. Two year tenure cliff vest then 100% vested as well as post_two_matching_dollars
Depends on the stage and size. Small startups don't usually offer 401k at all. Most private startups incl Uber don't match at all. IMO 401k matching is such an overrated benefit. Seriously who cares
It's free money. Everyone should care
It's an amazing benefit. Everyone should be saving for retirement and all that money becomes tax deferred, which is another bonus.