AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Contribution & Employer Match
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Contribution & Employer Match
AMPEX DATA SYSTEMS CORPORATION provides the following retirement savings benefits to its employees:
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Average Participant Retirement Account Value
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Estimated Average Employee Contribution Amount
252,635.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,947.00 in AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN, assuming a 10%* annual return.
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 AMPEX DATA SYSTEMS CORPORATION 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’.
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Total Employer Contribution and Match Rate
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,170.00 for 20 years would give you extra $74,939.00, assuming a 10% annual return.
AMPEX DATA SYSTEMS CORPORATION SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute up to the amount allowable under the Plan document and current income tax regulations.
2. Employer Match/Contribution Conditions: The Company matched 50% of each eligible participant’s pre-tax and post-tax contributions up to a maximum of 8% of the participant’s compensation, not to exceed $4,000 per year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Participants are fully vested in the employer’s matching contributions allocated to their account after three years of credited service, or when they have reached age 65, died, become totally disabled, or have been involuntarily released from employment. Eligibility to receive a matching contribution requires one year of service and working to meet the 1,000-hour service requirement.
4. Roth 401(k) contribution: Participants may elect to have the Company contribute their eligible post-tax compensation to the Plan.
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