ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Contribution & Employer Match
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Contribution & Employer Match
ABCOM TECHNOLOGY GROUP, INC. provides the following retirement savings benefits to its employees:
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Average Participant Retirement Account Value
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
252,932.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,952.00 in ABCOM TECHNOLOGY GROUP, INC. 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 ABCOM TECHNOLOGY GROUP, INC. 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’.
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Total Employer Contribution and Match Rate
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $588.00 for 20 years would give you extra $37,674.00, assuming a 10% annual return.
ABCOM TECHNOLOGY GROUP, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute from 1% to 80% of their salary to the plan.
2. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in employer contributions is based on years of service as follows: 0% for less than 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years or more. Eligibility requires three months of service and being age 21 or older.
3. Roth 401(k) Contribution: The plan allows contributions on an after-tax (Roth) basis.
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