The biggest iron mine. The worlds biggest open pit iron mine can be found near Hibbing, Minnesota. At its maximum, the area covered by the Hull Rust open pit mine is five miles (8km) long, 2 miles (3,2km) wide and 535 feet (180m) deep. It looks like a man-made Grand Canyon of over 2,000 acres (8,1kmÂ²).
Nearly two-thirds of plans provide employer matching contributions today. Most common is a dollar-for-dollar up to a specific agreed percentage of pay which is commonly up to 6% of yearly income. The employer matching program is any potential additional payment to an employeeâs 401(k) plan.
Matching Contributions A matching contribution is an employer contribution that is allocated on the basis of the employeeâs elective contribution. A matching contribution may be either mandatory or discretionary. Matching contributions may be made on an ongoing basis, as deferrals are paid to a trust, or after the end of the plan year. Matching contributions may be subject to discrimination testing under the average contribution percentage (ACP) test. A Very Quick Introduction to 401(k) Plans