Do nonprofits offer financial benefits like 401K?
Thinking about expanding my job search to include nonprofits but I don’t know much about their benefit packages.
Non-profit organizations don't have financial benefits such as 401(k), but they do have 403(b) which is similar. The typical 401k employee and employer contribute a portion to the plan, 403b only employee contributes to the plan pretax of course.
Some non-profits offer "Retirement Plans." I worked for one which, as an educational organization, contributed 15% of my annual gross. It also had the best health care plan I ever had. FYI, this was a private non-profit; they received no outside funding. It's income came from tuition fees for training programs and a magazine. As a public school teacher, I also received excellent benefits including a retirement plan. I also worked for two other non-profits, both funded by the government or private foundations or donations. Benefits were excellent. I don't recall any retirement plans with these. As I recall, also, it seems that if they offer a retirement package, they don't withhold Soc. Sec. so you have to be careful about that. Anyway, having walked both sides of the road, there isn't really a lot of difference; it just depends on the employer, private, or nonprofit.
My husband actually works for a nonprofit organization and he does have a 401K and great medical benefits.
Sure--most do, especially health insurance and paid time off.
I have just started a non profit and currently we do not offer benefits but we will be offering benefits once everything is in place.
I worked for 2 different non-profits. Both offered 403b plans with Employer match up to 3%. The Employer would contribute an additional 3% of what the Employee contribution was. Each non-profit is different, you need to get answers before you make any decisions. Hope this helps.
I have worked for a non-profit, & I can tell you that salaries tend to be lower than the general job market however to compensate for this, the benefits packages are usually more generous. It depends on the type of work and the size of the organization. My work was with the American Red Cross. I hope this information is useful to you.
Yes, Nonprofits offer all benefits that a regular company would offer. I currently work for a nonprofit and we are offered a 401K as well as matching.
Ben, Yes, they do depending on size and sophistication. I had a TIAACREF 403(b) through an agency that hooked itself into TIAACREF through the SUNY system. Size matters. Large nonprofits like hospitals have salaries and benefits comparable to or better than the for profit world. A small community agency with 1-3 employees may have no clue about any of this. We learn to manage by trial and error, then we get it. Good luck. Plug into the jobs network from the Chronicle of Philanthropy, FREE, PND is the
Excellent feedback from all of the above. Just a thought - if you get an offer from an organization that you otherwise love but don't have all the benefits you want, consider offsetting that by asking for other things in your benefit package, such as continuing education reimbursement, additional vacation time, a flexible schedule, or some other unique request.