A PINEYWOODS 401(K) PLAN Contribution & Employer Match
A PINEYWOODS 401(K) PLAN Contribution & Employer Match
A PINEYWOODS HOME MEDICAL EQUIPMENT, INC. provides the following retirement savings benefits to its employees:
A PINEYWOODS 401(K) PLAN Average Participant Retirement Account Value
A PINEYWOODS 401(K) PLAN Estimated Average Employee Contribution Amount
20,690.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 323.00 in A PINEYWOODS 401(K) 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 A PINEYWOODS 401(K) 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’.
A PINEYWOODS 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute the maximum amount of their compensation allowed under applicable law.
2. Employer Match/Contribution Conditions: The Employer may, in its sole discretion, make matching contributions, and the match is available to all persons who were active participants with elective deferrals at any time during the plan year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual gains and losses. Vesting in the Employer contributions is based on years of credited service with the following schedule: Less than two years - 0%, Two years - 20%, Three years - 40%, Four years - 60%, Five years - 80%, Six or more years - 100%. Eligibility requires completion of one year of service and being age 21 or older.
4. Roth 401(k) contribution: Yes, the plan allows Roth contributions.
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