ARNIE'S, INC. 401(K) PLAN Contribution & Employer Match
ARNIE'S, INC. 401(K) PLAN Contribution & Employer Match
ARNIE'S, INC. provides the following retirement savings benefits to its employees:
ARNIE'S, INC. 401(K) PLAN Average Participant Retirement Account Value
ARNIE'S, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
66,947.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,046.00 in ARNIE'S, INC. 401(K) 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 ARNIE'S, 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’.
ARNIE'S, INC. 401(K) PLAN Total Employer Contribution and Match Rate
ARNIE'S, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $520.00 for 20 years would give you extra $33,317.00, assuming a 10% annual return.
ARNIE'S, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: 1 percent to 100 percent of their annual pre-tax compensation.
2. Employer Match/Contribution Conditions: A safe harbor matching contribution equal to 100 percent of the first 3 percent of employee contributions and 50 percent of the contributions between 3 percent and 5 percent of employee compensation.
3. Vesting Schedule/Eligibility: Employer matching contributions are immediately 100 percent vested. Discretionary employer contributions are fully vested after 6 years of service. Eligibility requires employees to be at least 21 years old and have completed one year of qualified service.
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