Wednesday, January 14, 2009

Wish You Were Here: Kentucky bank bucks trend, increases 401(k) match

Finally some good 401(k) matching news right when we could use it. Not willing to follow the big boys down the road of cutting 401(k) matching contributions, Louisville-based Republic Bank not only has increased its 401(k) match, it has cut its vesting time to give employees matchung funds faster, PlanSponsor reports.

Chairman and CEO Steve Trager told the Louisville Courier-Journal said the shift was spurred by the bank's strong results last year (another departure from its larger counterparts). Republic will match 100% of employee 401(k) contributions, up from half, according to reports, and vest employees fully after two years rather than six.

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