ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA Contribution & Employer Match
ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA Contribution & Employer Match
ALASKA COMMUNICATIONS SYSTEMS HOLDINGS, INC. provides the following retirement savings benefits to its employees:
ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA Average Participant Retirement Account Value
ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA Estimated Average Employee Contribution Amount
344,479.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,382.00 in ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA, 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 ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA
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’.
ALASKA COMMUNICATIONS EMPLOYEE 401(K) SAVINGS PLAN FOR ALASKA Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute between 1% and 85% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company may elect to make discretionary matching contributions.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions plus actual earnings immediately. Vesting in the Company’s contribution portion is 100% after three years of credited service.
4. Roth 401(k) Contribution: Participants may elect to make Roth contributions utilizing after-tax contributions.
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