ALLIANZ ASSET ACCUMULATION PLAN Contribution & Employer Match

ALLIANZ ASSET ACCUMULATION PLAN Contribution & Employer Match

AZOA SERVICES CORPORATION provides the following retirement savings benefits to its employees:

ALLIANZ ASSET ACCUMULATION PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ALLIANZ ASSET ACCUMULATION PLAN is $215,681.00

ALLIANZ ASSET ACCUMULATION PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ALLIANZ ASSET ACCUMULATION PLAN is $8,888.00. 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.
568,849.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,888.00 in ALLIANZ ASSET ACCUMULATION 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 ALLIANZ ASSET ACCUMULATION 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’.

ALLIANZ ASSET ACCUMULATION PLAN Total Employer Contribution and Match Rate

In 2023, ALLIANZ ASSET ACCUMULATION PLAN allocates $47,794,000.00 to match its employees' contributions, providing an employer match rate of 60.59% of their contributions

ALLIANZ ASSET ACCUMULATION PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ALLIANZ ASSET ACCUMULATION PLAN is approximately $5,242.00
Investing in this additonal $5,242.00 for 20 years would give you extra $335,543.00, assuming a 10% annual return.

ALLIANZ ASSET ACCUMULATION PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80% of their eligible compensation each payroll period.

2. Employer Match/Contribution Conditions: For employees of Participating Companies (except AGA), the employer matches 100% of employee before-tax and Roth contributions up to 7.5% of eligible compensation. For employees of AGA, the employer matches 50% of employee before-tax and Roth contributions up to 8% of eligible compensation, with a maximum match of 4% of eligible compensation. Additionally, an extra discretionary matching contribution may be declared each year based on company performance.

3. Vesting Schedule/Eligibility: Employer contributions become fully vested after three years of vesting service. If a Member attains age 65, becomes disabled, or dies while employed, they are immediately vested.

4. Yes, the plan allows for Roth 401(k) contributions.

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