I pretty much put the entire question in the title.
My company's 401k is the following:
Your employer matching contribution is equal to 100% of your employee deferrals up to 1% of eligible compensation each pay period. Your fixed match is 100% vested immediately.
I get paid semi-monthly; each paycheck before taxes is $3,833.84 giving me annual gross pay of $92,012.05. I've been contributing 2% of my paycheck. I notice that I'm only getting 1% employer match on each of my paychecks. This leads me to wonder if I'm misunderstanding how the employer match and contributions work.
How do I hit the match of $920 - 1% of my gross salary? For example, last check I contributed $76.68 and the employer match was $38.34. I simply want to hit the employer match and that's it.
As an addendum, I realize that 2% isn't much, but I'm trying to pay off my student loans (aggressively). I realize that if I upped my contribution to 4%, I'd probably hit the match but why is that the case?