AMERICAN PORTFOLIOS HOLDINGS, INC. 401(K) PLAN Contribution & Employer Match
AMERICAN PORTFOLIOS HOLDINGS, INC. 401(K) PLAN Contribution & Employer Match
AMERICAN PORTFOLIOS HOLDINGS, IN provides the following retirement savings benefits to its employees:
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 PORTFOLIOS HOLDINGS, INC. 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’.
AMERICAN PORTFOLIOS HOLDINGS, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 90% of pretax annual compensation.
2. Employer Match/Contribution Conditions: Discretionary matching contribution made by the employer, totaling $646,885 during the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions. Vesting in the discretionary matching contribution is based on years of continuous service: 0% after 1 year, 25% after 2 years, 50% after 3 years, 75% after 4 years, and 100% after 5 years.
4. Roth 401(k) contribution: Yes.
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