What are some good 401(k) plans?


Quick Answer

401(k) plans are available through employers, and examples of some of the most lucrative plans are ones offered by employers such as ConocoPhillips, Abbott Laboratories and Philip Morris International, Inc. These plans vary based on compensation and savings programs for retirement, notes Bloomberg Business.

Continue Reading

Full Answer

Conoco Phillips offers a 401(k) plan aimed at allowing employees to retire at age 60, notes Yahoo! Finance. Certain plans offer matches of nearly nine times the employee contribution. Employees can reap the benefits of this plan by staying with the company for roughly 40 years. The company ends up contributing to the plan based on a percentage limitation associated with an employee's annual salary.

The Phillip Morris 401(k) plan provides a 15-percent contribution of employee compensation at the end of the year regardless of the amount that the employee contributed, reports Yahoo! Finance. This amount is in addition to the 5-percent match on employee contributions. The Phillip Morris plan is a defined contribution plan with a profit-sharing component.

The Abbott Laboratories 401(k) plan invests in the company stock in addition to other short-term investments. The insurance carrier of the plan is Principal Financial Group, according to BrightScope. As of 2015, the plan has approximately 29,000 active participants.

Learn more about Financial Planning

Related Questions