5 Best 401k Plans in North Carolina : Rank Your 401k Against The Best

July 22, 2015
Seth Waller

A great way to save for retirement is through a company retirement plan such as a 401k, 403b, 457, SIMPLE IRA or SEP IRA. Unfortunately, not all retirement plans have been created equal. I wanted to quickly show you a list of the best 401k plans in North Carolina because most retirement plans are below average.

Have you ever wondered the following about your retirement plan:

Does my 401k plan have a good match?

or…

Are my investment options and fees in my retirement plan reasonable?

The best way to find out if your plan is good, bad or average is to compare it to the best. Recently, Bloomberg compiled the best 401k plans of large companies in the S&P 500. From this list I formed the top 5 401k plans in North Carolina. Use this list as a guide to form a baseline on your retirement plan at work.

Here are best 401k plans in North Carolina:

 

 

 

 

1. Boeing

Best 401k Plans in North Carolina

The top-ranked 401k plan in North Carolina for 2015 is Boeing. The highlights of the 401k plan include:

  • Boeing provides a generous match of 75% up to 8% of pay
  • The potential for additional year-end profit sharing contributions of 4% of eligible compensation
  • Investment options that include stock, bond, and index funds
  • Employees are 100% vested in the plan immediately
  • Auto enrollment in the plan

Source: Boeing: The Boeing Company

2. Citigroup

Coming in as the number second best 401k plan in North Carolina is Citigroup. Highlights include:

  • Citigroup gives a 100% match on the first 6% of pay contributed to plan…one small note about the company match: the match is not paid until year-end or after
  • The potential for additional year-end contributions of 2% of eligible compensation
  • Investment options of stock, bond, and international index funds
  • Immediately 100% vested in the plan
  • Automatic Enrollment

 

Source: Citi | Responsible Finance – Financial Ingenuity – Global Bank

3. McDonald’s

The third best 401k plans in North Carolina is McDonald’s. Highlights of the generous 401k plan include:

  • Workers who set aside one percent of pay receive a 300% match from Mcdonald’s and then the next 4% of pay is matched 100%…that’s confusing so put another way: a match of 300% of first 1% of pay, then 100% of next 4 percent of pay. A few limitations on the match: the match is made in company stock and you have to be employed for at least one year
  • Additionally employees have the potential to receive year-end contributions of up to 2% of eligible pay in company stock
  • Like all other plans included in the list, investment options include low-cost index funds
  • Automatic Enrollment

Source: Our History :: McDonalds.com

4. Google

Believe it or not…Google actually has two offices in North Carolina (Chapel Hill and Lenior). Not only do employees get to enjoy great facilities but also one of the best 401k plans in North Carolina. Highlights of Google’s plan include:

  • Google will match contributions dollar for dollar (100%) on first $3000 or up to 50% of contributions for a max of $9000, whichever is greater.
  • Investment options of low-cost vanguard funds
  • 100% vested immediately
  • Automatic enrollment

Source: Chapel Hill – Google Careers

5. 3M

Rounding out our list of the best 401k plans in North Carolina is 3M. Highlights of this plan are:

  • 100% match on 6% of contributions
  • Year-end potential for additional contributions of 3% of eligible employee compensation
  • Low-cost index funds are included in the plan
  • 100% vesting after 3 years
  • Automatic Enrollment

Source: 3M Science. Applied to Life. 3M United States

 

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