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View Full Version : Good benefits?

BottlesOf
02-13-2005, 01:08 AM
I'm wondering what's considered a good benefits package for work? I'm starting my first job on Monday and I'm going to be selecting whatever details I need to (health insurance, pension, whatever else) I see people allude to "great benefits/lousy benefits" all the time when talking about work, but I don't really know what's good and what isn't as I have no base to compare things to. Any advice/things to look out for in evaluating the quality of my benefits?

I'd imagine this varies widely based on the nature of work you do and the experience, but I'm just trying to get some vague idea of what people think.
freakintemp
02-13-2005, 01:31 AM
Well I just found out I can get 45 massages per year, and 12 accupuncture sessions per year.... seems pretty good to me...

One of the most important areas of benefits to me is the 401(k) company match. Lets say that your company matches your contribution even only 3% . That is an IMMEDIATE gain of 100% on the first 3% of your gross pay that you contribute. That is freaking huge. Some company's match up to 15% of your contribution. Find out what the company match is, and what the vesting period is. Some company's eschew 401(k) match in favor of equity sharing, which can be better or worse depending on the company.

Freakin
Felix_Nietsche
02-13-2005, 01:31 AM
Medical benefits are USUALLY very similiar from job to job.

401K with matching contributions from your company is very nice....IF YOUR SMART ENOUGH to take advantage of it....
BottlesOf
02-13-2005, 01:37 AM
Can you explain what vested means? I located all the details you mentioned on the contract.
jasonHoldEm
02-13-2005, 01:46 AM
Vesting is basically how long you have to work for them to get the full benefits. I worked for an employee owned company where you had to work for five years to get the full value on your shares (20% per year). SO if you quit after 3 years you could sell your shares for 60% of their value. I assume it works the same for 401k's.

J
BottlesOf
02-13-2005, 01:50 AM
Cool, looking at this section, I think I understand it all. Thanks.
peachy
02-13-2005, 02:03 AM
yes its the same with other businesses