AMBOY BANCORPORATION 401K PLAN AND TRUST Contribution & Employer Match

How AMBOY BANCORPORATION Supports Your Retirement Savings

AMBOY BANCORPORATION provides retirement savings benefits through AMBOY BANCORPORATION 401K PLAN AND TRUST. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

AMBOY BANCORPORATION 401K PLAN AND TRUST Average Participant Retirement Account Value

In 2024, the average participant retirement account value for AMBOY BANCORPORATION 401K PLAN AND TRUST is $81,462.00

AMBOY BANCORPORATION 401K PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for AMBOY BANCORPORATION 401K PLAN AND TRUST is $3,278.00. 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.
209,818.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,278.00 in AMBOY BANCORPORATION 401K PLAN AND TRUST, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in AMBOY BANCORPORATION 401K PLAN AND TRUST

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

AMBOY BANCORPORATION 401K PLAN AND TRUST Total Employer Contribution and Match Rate

In 2024, AMBOY BANCORPORATION 401K PLAN AND TRUST allocates $174,837.00 to match its employees’ contributions, providing an employer match rate of 17.18% of their contributions

AMBOY BANCORPORATION 401K PLAN AND TRUST Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in AMBOY BANCORPORATION 401K PLAN AND TRUST is approximately $560.00
Investing in this additonal $560.00 for 20 years would give you extra $35,864.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

AMBOY BANCORPORATION 401K PLAN AND TRUST Contribution & Match Policy

AMBOY BANCORPORATION 401K PLAN AND TRUST Plan Policies

AMBOY BANCORPORATION 401K PLAN AND TRUST Contribution, Match and Other Plan Policies

  • Participants may contribute up to the maximum allowed by Section 415 of the Internal Revenue Code (IRC).
  • The maximum participant contribution was $23,000 and $22,500 in 2024 and 2023 respectively.
  • Catch-up contributions, which are in accordance with IRC, are also permitted for participants who expect to reach or are over the age of 50 by the Plan year-end up to a maximum of $7,500 for both 2024 and 2023 bringing those participants’ statutory maximum contribution limitation to $30,500 and $30,000 for 2024 and 2023, respectively.
  • Participants may also rollover amounts representing distributions from other qualified defined benefit or defined contribution plans.
  • The Plan has an automatic contribution election provision.
  • The Corporation will automatically enroll the participants into the Vanguard Target Retirement Fund at 3% with annual increase of 1% up to a cap of 6%.
  • Participants may opt out of the automatic election.
  • The Corporation contributes 50% of participant’s contribution up to 6% of eligible compensation.
  • The maximum matching contribution by the Corporation is $1,000 per participant for 2024 and 2023.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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