I’ve been eagerly awaiting my company’s annual profit sharing. In the past, it has represented a $550 increase to my 401(k) each year. It’s typically paid around July, but my company was running a bit late this year because of administration issues.
Well, I woke up this morning and was shocked to see that my 401(k) balance jumped $3,000 since yesterday. I checked the transaction history and it turns out a $3,005.63 employer contribution was made!
I had heard that the profit sharing contribution was going to be big this year, but that’s quite a jump compared to previous years. I hope it is not a mistake. I’m not sure how each person’s share is calculated, but I’ve been told it has something to do with how long you have been with the company and that being in management helps too. I’ve been with the company over 6 years and have been a manager for ~1-1/2. I hope these are the reasons for the dramatic increase.
Assuming there was not a mistake, this would mean that we will likely hit our 2007 net worth goal of $22,000 this month, 3 months early. What a blessing!
wow! $3000 overnight, that it a really good bonus, congratulations!
Yeah, I couldn’t believe it. It’s nice to know that by the time we take that money out for retirement it will have grown to an even larger amount.
-1MansMoney
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