401k Formula

[WatsonL]

Hi yall, so I need a formula that provides employees a 1/2% match on any contributions that is greater than or equal to 1% of their salary. Also, to include the IRS limit on contribution amount of $16,500.

the matching contribution would also be increase in value up to 3% in a 3 yrs time.

[Slug]

I'm not sure I understand your question, but I can tell you that the employer match is independent of the maximum allowable contribution of $16,500. That is, you individually can put in $16,500 - the company match does not count towards that figure.

[jpg7n16]

What is the match on the 1st 1%? 0? 50? 100?

Is there a limit on the upside? So say I only made $16,500 and contributed all $16,500, would I get the 50% match on all 99% past the first 1%?

And I'm assuming you mean 50% (1/2) match; not 0.5% (1/2%) match.

Like Slug says, the match is independent of the contribution limit.

And I also don't understand your "up to 3% in a 3 yrs time" phrase. What is happening in 3 years?



I can make an excel formula, using the =if() function, but I need to know what exactly you need it to do.