Bob’s Discount Furniture 401k Matching: Free Calculator Tool
Bob’s Discount Furniture offers a 401(k) plan with employer matching for eligible employees.
The company’s matching policy forms part of its retirement benefits and is governed by the terms of the 401(k) plan.
Employer matching contributions are separate from an employee’s own salary deferrals and are subject to the plan’s rules.
Bob’s Discount Furniture sponsors a defined contribution 401(k) plan for eligible employees, referred to in company filings as the Bob’s Discount Furniture 401(k) Retirement Savings Plan.
Fidelity Investments serves as the plan’s recordkeeper, giving employees access to contribution management, investment selection, and account details through Fidelity’s workplace retirement platform. Bob’s Discount Furniture acts as the plan sponsor and administrator.
- Choose a payroll contribution percentage from your eligible compensation.
- Your contributions go into your Fidelity 401(k) account.
- Bob’s adds a matching contribution based on your contributions.
- Your own contributions are yours immediately, in full.
- The employer match becomes yours gradually, based on the plan’s 5-year vesting schedule.
For an employee with $50,000 in eligible pay per year:
- Employee contributes 6% = $3,000
- Bob’s contributes 50% of that = $1,500
- Total annual retirement contribution = $4,500 (before investment growth)
Bob’s 401(k) is a Fidelity-administered workplace retirement plan with a meaningful employer match, worth up to 3% of pay. Getting the full value of that match requires staying with the company long enough to become fully vested.
Does Bob’s Furniture Offer a 401(k)?
Yes, Bob’s Discount Furniture maintains a 401(k) Profit Sharing Plan for employees.
The plan is administered through Fidelity Investments and is called the Bob’s Discount Furniture 401(k) Profit Sharing Plan.
It is offered with a matching contribution.
Bob’s Furniture 401(k) Match
Bob’s Furniture offers an employer-sponsored 401(k) plan that includes a matching contribution for eligible employees.
Employees who satisfy certain age and service requirements are eligible to receive a non-discretionary employer match equal to 50% of their 401(k) contributions, up to 6% of eligible compensation.
If Bob's offers a 50% employer match on that contribution, the company adds an extra $1,500 to the employee's retirement account. As a result, the employee's retirement savings for the year increase by a total of $4,500.
| Employee contribution | Employer match |
|---|---|
| 2% of eligible pay | 1% of eligible pay |
| 4% of eligible pay | 2% of eligible pay |
| 6% of eligible pay | 3% of eligible pay |
| More than 6% of eligible pay | Maximum match remains 3% of eligible pay |
Vesting Schedule
Bob’s Furniture’s 401(k) plan includes a five-year vesting schedule for employer matching contributions.
| Years of Employment | Vesting Percentage of Employer Match | Employee Ownership of Employer Contributions |
|---|---|---|
| Less than 1 year | 0% | No vested ownership of employer matching contributions |
| 1 year | Not publicly disclosed | Partial vesting details not provided |
| 2 years | Not publicly disclosed | Partial vesting details not provided |
| 3 years | Not publicly disclosed | Partial vesting details not provided |
| 4 years | Not publicly disclosed | Partial vesting details not provided |
| 5+ years | 100% | Fully vested in employer matching contributions |
Employees who leave the company before becoming fully vested may forfeit the unvested portion of the employer match, while employees who complete five years of service retain 100% of the employer contributions credited to their account.
Will Your 401(k) Last Through Retirement?
Estimate how many years your retirement savings could last based on your balance, withdrawals, investment growth, and inflation.
Try The CalculatorEligibility Requirements
The 401(k) is open to all employees who meet the plan’s age and service rules.
- Active Bob’s Furniture employee
- Meet minimum age requirements
- Complete required service requirements
- Eligible employee classification under the plan
- Enroll in the 401(k) plan to receive employer matching contributions
How Bob's Furniture 401(k) Match Works?
The example below shows how a 6% employee contribution on a $50,000 salary results in the maximum employer match of 3% of pay.
Table: Example of 401(k) contributions and match
| Item | Calculation | Amount |
|---|---|---|
| Annual salary | — | $50,000 |
| Employee contribution | 6% × $50,000 | $3,000 |
| Bob's employer match | 50% × $3,000 contribution | $1,500 |
| Total annual 401(k) contribution | $3,000 + $1,500 | $4,500 |
In this example, the employee contributes $3,000 to the 401(k), and Bob’s Furniture adds $1,500, bringing the total annual retirement contribution to $4,500.
The employee’s pre-tax contribution may reduce current taxable income, while both employee and employer contributions can grow tax-deferred until withdrawn in retirement.
Bob's Furniture 401(k) FAQ
Employees can join after completing one full calendar quarter of service (about 90 days) and meeting the age requirement.
Bob's matches 50% of employee contributions up to 6% of pay, for a maximum match of 3% of salary.
Employee contributions are fully vested immediately. Employer contributions vest gradually and are fully vested after five years of service.
Yes. Eligible part-time and seasonal employees can participate once they meet the plan requirements.
Yes. Employees can choose between traditional and Roth 401(k) contributions.
Employees choose from the plan's available investment options, including funds offered through Fidelity.
Yes. Bob's may make additional profit-sharing contributions based on company performance.
Employees can review plan details through HR, the Summary Plan Description, or Fidelity's participant portal.
Yes. Employer contributions are subject to plan rules and IRS annual contribution limits.
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