When Daniel Baker joined ConocoPhillips after graduating from Oklahoma State University, he had a child and was struggling to cover his family's living expenses. Yet by saving just 1 percent of his salary to qualify for the company's 9 percent match, he started accumulating a hefty 401(k) balance. Now, after 13 years with the company, Baker, 35, is feeling confident about his eventual retirement. "My wife and I have peace of mind," he says. "We're well on our way." ConocoPhillips tops Bloomberg's rankings of the best 401(k) plans among the 250 largest companies in the U.S., largely because of its generous matching formula. And it's one of about 90 companies that put money into employees' accounts even if the workers themselves don't. Facebook, Whole Foods Market, and Amazon.com are among the least generous companies in the rankings, which are based on 2012 data, the most recent year for which sufficient information on the companies was available. Whole Foods offers a maximum company contribution of $152 a year.
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