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AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Contribution & Employer Match

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Contribution & Employer Match

AMERICAN EXPRESS COMPANY AND ITS PARTICIPATING SUBSIDIARIES provides the following retirement savings benefits to its employees:

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for AMERICAN EXPRESS RETIREMENT SAVINGS PLAN is $197,817.00

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for AMERICAN EXPRESS RETIREMENT SAVINGS PLAN is $7,775.00. 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.
497,653.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,775.00 in AMERICAN EXPRESS 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 AMERICAN EXPRESS 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’.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, AMERICAN EXPRESS RETIREMENT SAVINGS PLAN allocates $265,004,345.00 to match its employees' contributions, providing an employer match rate of 90.87% of their contributions

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in AMERICAN EXPRESS RETIREMENT SAVINGS PLAN is approximately $6,646.00
Investing in this additonal $6,646.00 for 20 years would give you extra $425,400.00, assuming a 10% annual return.

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 10% of eligible compensation, or a combination not to exceed 80% of their Total Pay.

2. Employer Match/Contribution Conditions: The employer matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after the participant has completed six months of service.

3. Vesting Schedule/Eligibility: Employer contributions are immediately 100% vested for Company Matching Contributions. Fixed Rate Contributions are 100% vested after the earlier of three years of service or attainment of age 65, disability, or death. Eligibility for employer contributions requires completion of six months of service.

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

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