Employee 401(k) Plan
We offer the best 401(k) plan in the contract staffing industry!
- We offer traditional 401(k) and Roth 401(k) plans.
- You are eligible for our 401(k) plans three (3) months after your start date.
- Engineering Resource Group will match 50% of your first 8% contribution.
- The company matching portion is vested after only one (1) year of employment.
(The one year is from your start date, not your eligibility date.)
- If you are over the age of 65, the company matching portion is vested immediately.
The plan is administered through ADP Retirement Services. See a presentation on our plan at www.MyKenrollment.com
You will be able to select from almost two dozen stock, bond and target date funds.
Is your vesting period for company matching really only 1 year?
Yes it is. We have the shortest vesting period in the contract staffing industry. The reason our vesting period is only one year is because it is sometimes difficult for a contract employee to reach the typical industry vesting period of three to five years. One year is definitely achievable, typically with only one or two contract assignments.
Why do your competitors have 3 or even 5 year vesting periods?
Probably because they are hoping you will never reach the vesting period and then they will never have to make matching contributions. Some competitors even have matching funds that are dependent on the company’s profitability. We at Engineering Resource Group take your retirement seriously and are here to help you achieve your financial goals.
Suppose my contract assignment ends after 9 months, and I then start a new one two months later. Does the 9 months count towards the time I am vested?
Absolutely. If you start another assignment within 5 years after your last assignment ended, the 9 months will be credited towards the vesting period. So you would need to work only more 3 months in the next assignment and you would be vested.