Bossladies, I could use your input! I started at a new firm on June 1. During our interviews I was told that they don't do traditional 401K matching but instead do a 5% of the salary bonus at the end of the first year when eligible for the match, but that I could do my monthly contributions they just wouldn't be matched. This was fine for matching/retirement benefit purposes because it really worked out the same as if I was matching all along. Come to find out once I started that they have their 401K set up where you aren't eligible AT ALL to contribute, even my own personal contributions, until after 12 months of employment...and then you aren't truly eligible until January 1 following that 12-month period...which means 18 months without any tax benefits of my own personal retirement contributions. I was irked. I keep asking for answers on when this is going to be changed or how to remedy this in a somewhat reasonable manner. Before accepting the position, I also had verbally expressed concern about there only being this match system in place and not any kind of merit-based system for bonuses. In my acceptance letter I indicated that after the end of the year I wanted to revisit the idea of merit-based bonuses or compensation.
Now we're almost at the end of the year. They may do some kind of bonus at the end of the year negating that concern, and they may have the 401K fixed...but I want to be prepared if not because I'm not confident in that. Suggestions on 1) how to approach this conversation with the shareholders; 2) what specifically to ask for? Asking for anything general doesn't go anywhere, it has to be specific. I'm not sure what is a reasonable ask with respect to the retirement plan...I guess maybe increased salary to account for the higher tax base...but then I just pay even MORE taxes even if my net is slightly higher? I don't know how to figure that out.
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