Meta Benefits, RSU Details, 401k Match, and more

Today’s newsletter is a brain dump of nearly everything I know about Meta’s workplace benefits. I worked at Facebook/Meta for nearly a decade. I personally utilized the fertility benefits, 30 day recharge, 4 months of paternity leave, every dollar of choice benefit (towards childcare), and many, many meals. I wouldn’t have stayed there that long if it wasn’t for genuinely enjoying the work. But, it didn’t hurt that the benefits they offered were some of the best in the tech industry, contributing to making it a great place to work.

This is the first of a potential series that provides an overview of each FAANG company’s benefits and offerings.

If you are interested in helping create a version for your company, please reach out.

Overview:

Total Compensation

Overview

Compensation at Meta includes bi-weekly base pay, quarterly restricted stock unit vesting (new hire grants + annual refreshers), and annual bonuses.

Base Pay

Each level and role has specific salary bands for base pay. Levels.fyi tends to have the best data. The base pay is often fairly similar at the same level across different functions, with most of the difference in pay coming from RSU grants instead. It is worth highlighting that the pay for individual contributors and managers at the same level is equivalent.

Raises

Changes in base pay can come from market rate adjustments, annual performance reviews, and promotions to the next level. Promotions can occur twice per year in March and August. Non-promotion-related increases in base pay occur once per year in March.

Location Adjustments

Pay for employees is adjusted for an area’s cost of living and local market competition at the county level. The highest levels of compensation are in the San Francisco Bay Area and the New York City area. Seattle previously had the same compensation level as the SF Bay Area but has since been adjusted slightly downward. These adjustments will apply to those switching office locations and those working remotely.

Paycheck Schedule

Meta employees get paid on a bi-weekly schedule. This results in 26 pay periods most years and 2 months where you would receive 3 paychecks. I refer to those as “Triple Paycheck Months”.

Specific Paycheck Days:

• 1/3/2025

• 1/17/2025

• 1/31/2025

Triple Paycheck Months:

• March 2024

• August 2024

• January 2025

• August 2025

• January 2026

• July 2026

Bonus

At Meta bonuses are paid annually in March. (Prior to 2021 Bonuses were paid 2x per year).

Each level at Meta has a different bonus payout as a percentage of base pay. There are two additional elements that impact bonus payouts. The individual performance as well as the company performance.

Bonus Formula

Eligible Earnings x Bonus Target x Individual Multiplier x Company Multiplier

• Eligible Earnings: Total Base Compensation that the employee earned in the prior year.

• Bonus Target: Each Level has a specific bonus target as follows

  • IC 3: 10%

  • IC 4: 15%

  • IC 5/M0: 15%

  • IC6/M1: 20%

  • IC7/M2: 25%

  • IC8/D1: 30%

  • IC9/D2: 40%

• Individual Multiplier: Based on the performance rating received during the annual performance reviews

  • <Meets Most: 0%

  • Meets Most Expectations: 65%

  • Consistently Meets All Expectations: 100%

  • Exceeds Expectations: 125%

  • Greatly Exceeds Expectations: 165%

  • Redefines Expectations: 250%

• Company Multiplier: Determined based on company performance

  • Historical Multipliers:

    • H1 2014: 115%

    • H2 2014: 110%

    • H1 2015: 110%

    • H2 2015: 125%

    • H1 2016: 125%

    • H2 2016: 110%

    • H1 2017: 100%

    • H2 2017: 90%

    • H1 2018: 90%

    • H2 2018: 100%

    • H1 2019: 110%

    • H2 2019: 110%

    • H1 2020: 110%

    • H2 2020: 110%

    • H1 2021: 110%

    • H2 2021: 100%

    • 2022: 85%

    • 2023: 150%

    • 2024: TBD February 2025

Restricted Stock Unit (RSU) Details

Overview

• New Hire Grants vest quarterly over 4 years

• Annual RSU Refresher Grants given annually in February also vesting quarterly over 4 years

• Additional Equity RSU Grants are given to extremely high performers and, more regularly, to directors and above. These grants are awarded in February and vest quarterly over four years.

• Supplemental Federal Tax Withholdings are able to be adjusted via workday

New Hire RSU Grants

New hires to Meta will typically receive offers which include a dollar value assigned for their Restricted Stock Units (RSUs). The number of shares will be determined based on the average stock price in the month before the start date.

Vesting Schedule

• Quarterly over 4 years without any vesting cliffs.

Typical vesting dates:

• February 15th

• May 15th

• August 15th

• November 15th

Trading Windows & Blackout Dates:

All employees tend to be subject to trading blackout dates. The open trading windows are typically the day after Meta quarterly earnings reports lasting until the end of the month.

RSU Refreshers

Meta has a very formulaic refresher structure. It is based on your country, role, and level. Refreshers are given out during the annual performance cycles which typically occur in February with the first vests from the refreshers occurring in the May vesting period.

RSU Refreshers are valued as a dollar value and the number of shares will be typically determined by the average closing price of Meta stock for the first 7 trading days in February.

Software Engineers earn the largest RSU refreshers. The Product Manager (PM) RSU refresher is typically 80% of that of an equivalent Software Engineer. Data Scientists and Product Growth receive approximately 69% of a Software Engineer’s RSU refresher value.

The specific values for PM and Engineering seem to merge at Director and above levels.

Vesting Schedule

• Quarterly over 4 years without any vesting cliffs.

Typical vesting dates:

• February 15th

• May 15th

• August 15th

• November 15th

Additional Equity Grants (Formerly Referred to as Discretionary Equity)

Extremely high performers and Directors+ will also often receive additional equity grants in addition to the formulaic RSU refreshers.

Historical Meta Refresher Stock Price

• 2/2015: $75.72

• 2/2016: $111.18

• 2/2017: $132.61

• 2/2018: $182.54

• 2/2019: $168.14

• 2/2020: $208.39

• 2/2021: $264.81

• 2/2022: $228.51

• 2/2023: $184.07

• 2/2024: $466.53

Meta Compensation Calendar for 2025

---

Meta 401k Benefits

• Meta offers a 401k with a dollar for dollar match of 50% of the annual IRS contribution limit.

  • Simplified Translation: The 2024 401k maximum contribution is $23,000. Meta will match 100% of your contributions up to $11,500.

• Meta offers after-tax 401k contributions w/ automatic daily in-plan conversions (aka the Mega Backdoor Roth). This is all self-serve and all you need to do is adjust the drop down to allow in-plan conversions on the contribution screen.

Investment Options:

Meta’s 401k offers extremely low fee options for both index funds and target date retirement funds that are not easily available outside a workplace 401k.

A Few Specific Fund Details:

• State Street U.S. Total Market Index Securities Lending Series Fund Class I

  • This is a US total Market fund that has an extremely low 0.01% fee. It doesn’t have a traditional ticker symbol but it will track the Dow Jones Total US Market (3,600+ companies, very similar to VTI but even lower fee)

• State Street Global All Cap Equity Ex-U.S. Index Securities Lending Series Fund Class II

  • This is an International total market fund with an extremely low fee of 0.055% that tracks MSCI ACWI ex- USA IMI Index which includes both developed and emerging International markets.

• Vanguard Target Date Funds

  • The Target Date funds within the Meta 401k have an extremely low fee of 0.0375 vs 0.08% that the equivalent consumer target date fund from Vanguard has.

Full List of Available Investment Options

In addition to the investments listed above, Meta also offers Brokerage Link within their 401k which allows you to invest in options outside your 401k.

401k Contribution Screen Details

401k Contribution Strategies: Front Loading, Getting Let Go, Bonus Heavy

---

Other Benefits:

Meta Choice Benefit offers $2,000 which can be flexibly used on daycare reimbursement, financial education (hint hint), gym memberships, athletic gear…. and many more.

Meta Recharge allows employees who have worked at Meta for 5 years to take 30 days off.

Back-Up Childcare: Meta provides 15 days of back-up childcare benefits via BrightHorizons.

Meta Death Benefits: If you pass away while employed at Meta, your family could receive:

• 50% of your base salary monthly for 10 years

• Your child will receive $1,000 per month for 10 years

• A Lump sum of 3x annual base pay

• All unvested Meta stock will vest and payout 100% (up to $2,000,000)

Healthcare Options: Varies by state. California offers PPO & EPO via Meritain, HMO via Kaiser, and HDHP w/ HSA including a $1,500 contribution for families and $750 for individuals.

Fertility Benefits: 4 Smart Cycles via Progyny which covers 4 full IVF cycles or different combinations outlined below.

Maternity & Paternity:

• Both parents receive 4 months of fully paid leave.

• Additional 6-8 weeks paid maternity for recovery from childbirth

• Pre-Baby disability leave of up to 4 weeks!

Paid Time Off & Holidays:

• 21 Days of PTO

• 2 Additional Choice Days

• 12 Paid Holidays

• Unlimited Sick Leave

Prior Severance Details

• 16 Weeks Base Pay + 2 weeks for each year of employment

• 6 Months of COBRA coverage fully paid

---

The first FAANG FIRE Book Club discussion of Christine Benz’s brand new book “How to Retire” kicks off on October 18th from 12-1:30pm PST. We will be discussing the first half of the book and it is open to all FAANG FIRE subscribers.

​Make sure you have a copy of the book. It is available on Amazon Paperback, Kindle, your local bookstore, or as an Audible Audiobook.

---

Closing Thoughts

I am hoping that this will be a helpful resource for current Meta employees, prospective employees, past employees, or the service professionals that work closely with Meta employees. Things are just better when everyone fully understands their company benefits.

What is your favorite benefit? Did I miss anything? Anything surprise you?