Generous Plan
Those changes will come on the late side for Egan and the millions more like him. Earlier this year, fed up with his job in New York and his lack of benefits, he moved back to Minneapolis and landed as a manager at Smashburger, a chain with more than 300 company-operated and franchise outlets nationwide -- and a generous 401(k) plan for corporate employees.
“One of the first questions I asked was when I’d be eligible and what’s the match,” Egan says. This month, he became eligible for the plan, which matches 100 percent of employee contributions, up to 6 percent of earnings. He is determined to get the full company match.
“If I can work here at least 10 years and continue to advance,” Egan says, “maybe I can save enough to be able to retire some day.”