ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

ABT GLOBAL INC provides the following retirement savings benefits to its employees:

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN is $163,501.00

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN is $6,452.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
412,949.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,452.00 in ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS 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’.

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN allocates $7,880,135.00 to match its employees' contributions, providing an employer match rate of 53.58% of their contributions

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN is approximately $3,310.00
Investing in this additonal $3,310.00 for 20 years would give you extra $211,902.00, assuming a 10% annual return.

ABT ASSOCIATES INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may defer between 1% and 50% of their eligible earnings; if age 50 or older, they may elect to defer an additional 1% to 75% of their eligible earnings.

2. Employer Match/Contribution Conditions: The Employer will match 100% of a participant’s contribution to the Plan, up to a maximum of 5% of the participant’s eligible earnings.

3. Vesting Schedule/Eligibility: A participant is immediately vested in their deferred contributions, rollover contributions, employer matching contributions, and any related earnings. For employer profit sharing contributions, a participant begins vesting after two years of credited service and becomes fully vested after five years of credited service.

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