ALBERTSONS COMPANIES 401(K) PLAN Contribution & Employer Match
ALBERTSONS COMPANIES 401(K) PLAN Contribution & Employer Match
ALBERTSONS COMPANIES, INC. provides the following retirement savings benefits to its employees:
ALBERTSONS COMPANIES 401(K) PLAN Average Participant Retirement Account Value
In 2023, the average participant retirement account value for ALBERTSONS COMPANIES 401(K) PLAN is $30,716.00
ALBERTSONS COMPANIES 401(K) PLAN Estimated Average Employee Contribution Amount
In 2023, the estimated average employee contribution amount per participant for ALBERTSONS COMPANIES 401(K) PLAN is $1,352.00. 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.
86,588.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,352.00 in ALBERTSONS COMPANIES 401(K) PLAN, assuming a 10%* annual return.
86,588.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,352.00 in ALBERTSONS COMPANIES 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 ALBERTSONS COMPANIES 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’.
ALBERTSONS COMPANIES 401(K) PLAN Total Employer Contribution and Match Rate
In 2023, ALBERTSONS COMPANIES 401(K) PLAN allocates $70,749,532.00 to match its employees' contributions, providing an employer match rate of 22.12% of their contributions
ALBERTSONS COMPANIES 401(K) PLAN Estimated Average Employer Match
In 2023, the estimated average employer match for an employee in ALBERTSONS COMPANIES 401(K) PLAN is approximately $292.00
Investing in this additonal $292.00 for 20 years would give you extra $18,710.00, assuming a 10% annual return.
Investing in this additonal $292.00 for 20 years would give you extra $18,710.00, assuming a 10% annual return.
ALBERTSONS COMPANIES 401(K) PLAN Contribution & Match Policy
1. Employee Contribution
- Types: Participants can make pre-tax and Roth 401(k) contributions.
- Contribution Range: 1% to 75% of eligible pay.
- Annual Limits: Up to $22,500 for 2023 ($20,500 for 2022).
- Automatic Increase Option: Participants can set an automatic increase in contributions (1% to 3%).
- Catch-Up Contributions: For those aged 50 or older, additional catch-up contributions are allowed—$7,500 for 2023 and $6,500 for 2022.
2. Employer Match
- Match Percentage: The Company may make a matching contribution up to 7% of eligible compensation (excluding "catch-up" contributions).
- Eligibility: Employees must generally:
- Be employed for one year.
- Complete 1,000 hours of service within that year.
- Be employed on the last day of the year.
- Union Variance: Some union employees may have different eligibility requirements or contribution formulas based on collective bargaining agreements.
3. Vesting Schedule
- Employee Contributions: 100% vested immediately.
- Employer Matching Contributions:
- Standard Matching Accounts: 50% vested after 2 years, 100% after 3 years.
- Collington Matching Accounts: 20% vested after 2 years, increasing by 20% each year, reaching 100% after 5 years.
- Haggen Profit Sharing Accounts: 20% vested after 2 years, increasing by 20% each year, reaching 100% after 6 years.
- Prior United Employer Accounts: 25% vested after 1 year, increasing by 25% each year, reaching 100% after 4 years.
4. Roth 401(k) and After-Tax 401(k) Options
- Roth 401(k): Allowed.
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