I am from Alabama, and the RSA (Retirement Systems of Alabama) has matching retirement funds for government employee’s. We are one of two states that aren’t in the negative on our retirement funds. Something seems strange here. Are they cooking their numbers, or are they about to go into the negative like California? It’s scary because we are not a rich state.
Wow. That sounds like the ‘’401k’’ from Heaven alright. You mean your state macthes what goes into their state employees retirement fund? Damn. First of all, you the taxpayer are paying their salaries and your taxes pay the salaries of your elected officials who then take that taxpayers money and ‘’match’’ the fund. It’s ‘’free money’’ for the employees! Here in NJ the pensions are the ticking time-bomb that is someday(and soon) going to bankrupt the whole state. I have never heard a convincing argument for state employees having the need to be unionized.
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We need more info from you.
Is this a definded benefit plan or 401k?
If the have no Defined benefit plan and this is a 100% match 401k that is outstanding.
Many think the companies contributions are maxed at the 4 or 6%. IRS law allows them to match up to 100%. Many high compensated employees such as doctors at major hospitals have such plans.