ASTM TAX SHELTERED SAVINGS PLAN Contribution & Employer Match
ASTM TAX SHELTERED SAVINGS PLAN Contribution & Employer Match
AMERICAN SOCIETY FOR TESTING AND MATERIALS provides the following retirement savings benefits to its employees:
ASTM TAX SHELTERED SAVINGS PLAN Average Participant Retirement Account Value
ASTM TAX SHELTERED SAVINGS PLAN Estimated Average Employee Contribution Amount
530,452.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,288.00 in ASTM TAX SHELTERED 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 ASTM TAX SHELTERED 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’.
ASTM TAX SHELTERED SAVINGS PLAN Total Employer Contribution and Match Rate
ASTM TAX SHELTERED SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,859.00 for 20 years would give you extra $247,033.00, assuming a 10% annual return.
ASTM TAX SHELTERED SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of pre-tax annual compensation, up to the maximum amount permitted by law.
2. Employer Match/Contribution Conditions: The Society matches 75% of the participant’s pre-tax contributions, up to 6% of base compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting for the Society’s matching and discretionary contribution portion of their accounts is as follows: Less than 1 year: 0%; 1 or more but less than 2 years: 20%; 2 or more but less than 3 years: 40%; 3 or more but less than 4 years: 60%; 4 or more but less than 5 years: 80%; 5 or more years: 100%.
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