3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match
3M COMPANY provides the following retirement savings benefits to its employees:
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Average Participant Retirement Account Value
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employee Contribution Amount
407,363.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,365.00 in 3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN, 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 3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN
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’.
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Total Employer Contribution and Match Rate
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employer Match
Investing in this additonal $3,957.00 for 20 years would give you extra $253,280.00, assuming a 10% annual return.
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute from 2% to 35% of their compensation to the VIP 401(k) Accounts (Before-Tax and/or Roth) and from 2% to 20% of their compensation to the Savings Plan 401(k) Accounts.
2. Employer Match/Contribution Conditions: For VIP, the employer matches 45% to 100% of eligible 401(k) Account contributions (limited to the first 5% of salary deferrals) and provides a non-elective Company contribution of 3% for certain employees. For the Savings Plan, the employer matches 35% to 100% of eligible 401(k) Account contributions (up to the first 5% of withholdings), and company contributions depend on various collective bargaining agreements.
3. Vesting Schedule/Eligibility: For VIP, employer contributions vest at 40% after one year of service, 70% after two years, and 100% after three years. For the Savings Plan, employer contributions vest at 40% after one year of service, 70% after two years, and 100% after three years. Participants are immediately vested in their own contributions.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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