AVID TECHNOLOGY, INC. 401(K) PLAN Contribution & Employer Match

AVID TECHNOLOGY, INC. 401(K) PLAN Contribution & Employer Match

AVID TECHNOLOGY, INC. provides the following retirement savings benefits to its employees:

AVID TECHNOLOGY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for AVID TECHNOLOGY, INC. 401(K) PLAN is $213,780.00

AVID TECHNOLOGY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for AVID TECHNOLOGY, INC. 401(K) PLAN is $6,075.00. 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.
388,845.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,075.00 in AVID TECHNOLOGY, INC. 401(K) 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 AVID TECHNOLOGY, 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’.

AVID TECHNOLOGY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, AVID TECHNOLOGY, INC. 401(K) PLAN allocates $1,878,692.00 to match its employees' contributions, providing an employer match rate of 27.33% of their contributions

AVID TECHNOLOGY, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in AVID TECHNOLOGY, INC. 401(K) PLAN is approximately $1,680.00
Investing in this additonal $1,680.00 for 20 years would give you extra $107,545.00, assuming a 10% annual return.

AVID TECHNOLOGY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may defer up to 60% of their eligible pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer contributes 50% of the first 6% of eligible compensation that a participant contributes to the plan.

3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their deferral account, rollover account, and employer matching contributions plus earnings thereon.

4. Roth 401(k) Contribution: Participants are allowed to make Roth 401(k) deferrals into the plan.

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