If you are fortunate enough to land a job at ConocoPhillips or about 90 other companies that have excellent 401(k) plans, congratulation! For those of us not that fortunate, a Plan B is your ticket to complete time and financial freedom.
From Bloomberg
The Best 401(k)s: Retire at 60 From Conoco With $3.8 Million; Facebook Last
By Margaret Collins and Carol Hymowitz Jul 22, 2014
A first-of-its-kind ranking of 401(k) plans at the 250 biggest companies in the U.S. found that ConocoPhillips and Abbott Laboratories are among those that provide the most lucrative retirement benefits. Among the least generous are Facebook Inc., Amazon.com Inc. and Whole Foods Market Inc. The natural-foods grocer offers a maximum contribution of $152 annually.
ConocoPhillips, a Houston oil and natural gas producer, topped the Bloomberg News rankings of the largest public companies’ 401(k) plans, largely due to a matching formula that contributes 9 percent of annual salaries for employees who save as little as 1 percent of their pay.
Facebook finished last in the Bloomberg rankings, which were based on 2012 data, the latest available for all companies. The Menlo Park, California-based social media company didn’t offer any match at the time. It started making contributions in April to its 401(k) plan.
The rankings allow employees, for the first time, to see how their own 401(k) compares to others on such criteria as company match, investment options, and time to vest. For example, more than 40 percent of companies allow workers to vest immediately, enabling them to take company contributions with them if they leave. Retailers Home Depot Inc. and Amazon.com make employees wait three years, and software maker Oracle Corp., four.
One finding rings out clearly: when generously conceived, a 401(k) plan can put workers on the track for a comfortable and secure retirement. After 13 years working in three states for ConocoPhillips, 35-year-old Daniel Baker is feeling confident about his eventual retirement even though he’s at an age when many workers have just begun to focus on their 401(k) plans.
Mental Peace
“My wife and I have peace of mind,” said Baker, who works in the company’s treasury department. “We’re well on our way.”
ConocoPhillips was among about 90 companies that gave additional retirement funds to employees, regardless of whether or how much the workers themselves contributed. Tobacco company Philip Morris International Inc., runner-up in the rankings, paid not only a 5 percent match but also an extra 15 percent of employees’ compensation.
“A robust retirement package for our U.S. personnel is essential to ensuring that we can attract, motivate and retain the best global talent,” said Corey Henry, a spokesman for New York-based Philip Morris.
Read more from Bloomberg >>
From Bloomberg
The Best 401(k)s: Retire at 60 From Conoco With $3.8 Million; Facebook Last
By Margaret Collins and Carol Hymowitz Jul 22, 2014
A first-of-its-kind ranking of 401(k) plans at the 250 biggest companies in the U.S. found that ConocoPhillips and Abbott Laboratories are among those that provide the most lucrative retirement benefits. Among the least generous are Facebook Inc., Amazon.com Inc. and Whole Foods Market Inc. The natural-foods grocer offers a maximum contribution of $152 annually.
ConocoPhillips, a Houston oil and natural gas producer, topped the Bloomberg News rankings of the largest public companies’ 401(k) plans, largely due to a matching formula that contributes 9 percent of annual salaries for employees who save as little as 1 percent of their pay.
Facebook finished last in the Bloomberg rankings, which were based on 2012 data, the latest available for all companies. The Menlo Park, California-based social media company didn’t offer any match at the time. It started making contributions in April to its 401(k) plan.
The rankings allow employees, for the first time, to see how their own 401(k) compares to others on such criteria as company match, investment options, and time to vest. For example, more than 40 percent of companies allow workers to vest immediately, enabling them to take company contributions with them if they leave. Retailers Home Depot Inc. and Amazon.com make employees wait three years, and software maker Oracle Corp., four.
One finding rings out clearly: when generously conceived, a 401(k) plan can put workers on the track for a comfortable and secure retirement. After 13 years working in three states for ConocoPhillips, 35-year-old Daniel Baker is feeling confident about his eventual retirement even though he’s at an age when many workers have just begun to focus on their 401(k) plans.
Mental Peace
“My wife and I have peace of mind,” said Baker, who works in the company’s treasury department. “We’re well on our way.”
ConocoPhillips was among about 90 companies that gave additional retirement funds to employees, regardless of whether or how much the workers themselves contributed. Tobacco company Philip Morris International Inc., runner-up in the rankings, paid not only a 5 percent match but also an extra 15 percent of employees’ compensation.
“A robust retirement package for our U.S. personnel is essential to ensuring that we can attract, motivate and retain the best global talent,” said Corey Henry, a spokesman for New York-based Philip Morris.
Read more from Bloomberg >>
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