How Do You Lose Out on the Match?
If your contribution percentage is so high that you meet the $18,500 (year 2018) limit in the first half of the year, you could lose out on thousands of dollars in match money. You could also lose out on the match if you change your contribution percentage up and down throughout the year or suspend contributions temporarily because of cash flow issues. Make this year the one where you don’t lose money.
For example, if you earn $108,500 annually and save $1,500 (33% of eligible pay) in your BMC 401(k) Plan each month, you will have met the 2018 IRS limit of $18,500 by July and accumulated about $2,700 in company match contributions. Well done! However, if you spread out your savings over the year and save $750 (17% of eligible pay) in your BMC 401(k) Plan each month), you will have met the 2018 IRS limit of $18,500 by the end of the year. But you would have accumulated $5,425 in company match contributions — that’s double the amount you would receive if you hadn’t maxed out earlier in the year!
Learn More
To learn more, watch the “Don’t Miss Out on the Match” video and use the BMC Retirement Savings Calculator. The calculator can help you figure out how much to contribute each pay period to make sure you don't exceed the limits and miss out on any of the BMC matching contributions. This tool can be used after you’ve already made contributions for the current year. You will need to know your year-to-date contributions. A current pay stub will provide this information. Review the Payroll Cutoff Schedule to determine when your contribution changes take effect.
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