Quick explanation.

[Eroc93]

So I'm stoked got a job with the city at 21 pretty decent pay, and exceptional benefits and pension. I forgot to ask while I was there and I have my full orientation couple weeks away. They told me they match my 7% pension out of every check 2 for my every one. So if I'm putting 200 every month how much will they be adding?

 

[WAP]

Grats on the new gig. The way you've written it, I believe it means that they will contribute $2 for every $1 you contribute up to 7% of your pay. It's a pretty damn good deal. Are you sure it isn't the other way around where they'll contribute $1 for every $2 you contribute? Still a good deal either way...

 

[Eroc93]

Yea it's tcdrs I believe. Compound interest of 7% as well as the 7% I put in plus whatever exactly they're matching.

 

[nouse4aname]

Definitely make sure you do contribute the 7%. Anything less than that and you're throwing away free money.

 

[Eroc93]

Yea I'm forced to put 7% lol it's bexar county of texas

 

[troyguitar]

The way you wrote it makes it sound like they pay $400 if you pay $200, but I've never heard of anyone doing that. It's more likely that they do $100.

 

[XGC75]

The way you wrote it makes it sound like they pay $400 if you pay $200, but I've never heard of anyone doing that. It's more likely that they do $100.

This.

A lot of times you'll find someone that matches 1:1 up to some low percentage then 1:2 up to a higher percentage of your pay.

 

[Eroc93]

So if I'm putting 200 how much are they matching me at 2 to 1

 

[Eroc93]

Here it is

 

[nouse4aname]

Yep, looks like they put in $2 for every $1 of yours. Good deal. Pays to be on the receiving end of government overspending. Though I imagine the salary itself is reduced from an equivalent private market job.