Career Opportunities, Inc. (COI) is a stable company and a solid long-term employment prospect for a number of reasons. One of these reasons is the excellent Safe Harbor Match 401k retirement plan they offer their employees who are willing to commit to an extended employment.
You will notice below that the COI 4% contribution is designated a Safe Harbor Match. What does this mean? It means that every penny of the employer’s matching contribution is the employees upon leaving COI. This is sometimes referred to as being fully vested immediately.
Some employers have graded vesting meaning that, for example, an employee has to be employed for two years to be 20% vested, 40% vested after 3 years and so on.
What does 20% vested mean? It means you are only entitled to 20% of what your employer has contributed to your 401K. So Safe Harbor Matching is huge and you should do your best to go to work for a company that offers Safe Harbor Matching as a benefit.
You can think of COI Safe Harbor Matching as effectively adding 4% to your salary!! It is a very significant and long-lasting benefit.