1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Contribution & Employer Match
1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Contribution & Employer Match
1ST MIDAMERICA CREDIT UNION provides the following retirement savings benefits to its employees:
1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount
281,721.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,401.00 in 1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-up contributions (in addition to the employee and employer combined limit, age 50 and over) | |
|---|---|---|---|
| 401(k) contribution limit for 2023 | $22,500 | $66,000 | $7,500 |
| 401(k) contribution limit for 2024 | $23,000 | $69,000 | $7,500 |
$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.
$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!
Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.
Employer match in 1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST
An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.
1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate
1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Estimated Average Employer Match
Investing in this additonal $2,639.00 for 20 years would give you extra $168,934.00, assuming a 10% annual return.
1ST MIDAMERICA CREDIT UNION 401(K) PLAN AND TRUST Contribution & Match Policy
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