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ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

ALLY FINANCIAL INC. provides the following retirement savings benefits to its employees:

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN is $162,367.00

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN is $7,335.00. 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.
469,471.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,335.00 in ALLY FINANCIAL INC. RETIREMENT 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 ALLY FINANCIAL INC. RETIREMENT 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’.

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN allocates $112,433,716.00 to match its employees' contributions, providing an employer match rate of 103.86% of their contributions

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN is approximately $7,060.00
Investing in this additonal $7,060.00 for 20 years would give you extra $451,881.00, assuming a 10% annual return.

ALLY FINANCIAL INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

Employee Contributions:

  • Employees can defer up to 90% of eligible compensation as pre-tax and/or Roth after-tax contributions, subject to IRC limits.
  • Contributions are fully vested immediately.
  • Employees can also make rollover contributions from another qualified plan.

Employer Match:

  • The company matches 100% of employee contributions up to 6% of eligible compensation, on a per payroll period basis.
  • An additional 2% company contribution is provided, regardless of employee contributions, which vests after three years of service.
  • The company may make a discretionary contribution of up to 2% of eligible compensation, also vesting after three years. For the 2023 plan year, discretionary contributions totaled $21.7 million.

Roth 401(k):

  • The plan allows for Roth after-tax contributions.

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