Extra Pension and Employee Savings Plan Contributions For May

A nice thing about the compensation plan at my employer is that the bonus that we receive on an annual basis is subject to my regular pension and savings plan deductions – as a result I end up making larger contributions during this period of time. I am very happy to do it.

What this means from a pure dollar perspective this month, is that I contributed an additional $318 to my employee savings plan and an extra $204 to my pension plan. These numbers are above the amount that I contributed as a result of my normal contributions and include both my contribution as well as the employer matches that I receive.

Why do I think this is a good deal? Simply because if I was not “forced” to save like this I would more than likely just spend it. Having it happen directly off of my check removes the temptation. I will choose that anyway over the alternative.