ALLIED UNIVERSAL 401(K) PLAN Contribution & Employer Match

ALLIED UNIVERSAL 401(K) PLAN Contribution & Employer Match

UNIVERSAL SERVICES OF AMERICA, L.P. provides the following retirement savings benefits to its employees:

ALLIED UNIVERSAL 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ALLIED UNIVERSAL 401(K) PLAN is $2,265.00

ALLIED UNIVERSAL 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ALLIED UNIVERSAL 401(K) PLAN is $311.00. 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.
19,942.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 311.00 in ALLIED UNIVERSAL 401(K) 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 ALLIED UNIVERSAL 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’.

ALLIED UNIVERSAL 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, ALLIED UNIVERSAL 401(K) PLAN allocates $10,887,252.00 to match its employees' contributions, providing an employer match rate of 14.72% of their contributions

ALLIED UNIVERSAL 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ALLIED UNIVERSAL 401(K) PLAN is approximately $41.00
Investing in this additonal $41.00 for 20 years would give you extra $2,667.00, assuming a 10% annual return.

ALLIED UNIVERSAL 401(K) PLAN Contribution & Match Policy

  1. Employee Contributions:

    • Employees can defer up to 75% of their compensation or the IRS annual limit, whichever is lower.
    • Contributions can be made on a pre-tax basis, Roth after-tax basis, or a combination of both.
    • Catch-up contributions are allowed for participants over the age of 50.
    • Employees may also contribute rollovers from other qualified benefit plans.

  2. Employer Matching:

    • For administrative personnel:
      • Less than 10 years of service: 20 cents per dollar contributed.
      • 10–19 years of service: 25 cents per dollar contributed.
      • More than 19 years of service: 50 cents per dollar contributed.
      • Matching contributions are capped at 12% of compensation.
    • For non-administrative employees, a match is available if they meet certain job-related requirements.
    • No discretionary matching contributions were made in 2023.
    • For Prevailing Wage/SCA Employees, the Company contributes an amount as required by the Service Contract Act (SCA) or other prevailing wage laws.

  3. ROTH 401(k):

    • The plan allows Roth 401(k) contributions (Roth after-tax basis).

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