Applied's 401(k) employer match is a scam

This is totally wrong, as can be seen by anyone who looks at their 401k statement and see's what's being contributed, before it was recently increased.

You make $100,000 and contribute 8%, that's $8,000. Applied will [now] contribute 50% of what you contribute, up to 2% of your salary. So they could contribute $4000 (which is 50%), but 2% of your salary is $2000, so that's what they contribute.

 

In the end, why bother complaining and just invest your money yourself. You'll be happier in the long run and have more control over it. Even if they matched dollar for dollar, their investment choices are for crap.

 

The company match is 1% of your salary. If you make $50,000 per year, the maximum company match is $500 per year.

 

Wrong. No matter how you want to figure it out its capped at $500.

 

Then why does my 401k statement show employer contributions more than $500? Am I secretly getting more money because I'm one of the chosen ones?

 

This is actually not accurate. The max Applied contributes is 50% of 2% of your compensation. If your annual comp is $50,000 then Applied's contribution is $500. If your comp is $100,000 Applied's match is $1,000. If your is Donohue or Grosshans and your comp is $400,000 Applied's match is $4,000. Getting back to the original point, it's nowhere near a true 50% match, as a rep contributing 8% of his $100,000 comp to the plan only receives a $1,000 match from Applied (12.5% match).

 

2x match