BASIC RETIREMENT SAVINGS PLAN Contribution & Employer Match
How BASIC AMERICAN, INC. Supports Your Retirement Savings
BASIC AMERICAN, INC. provides retirement savings benefits through BASIC RETIREMENT SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
BASIC RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
BASIC RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
209,298.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,270.00 in BASIC RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in BASIC RETIREMENT SAVINGS PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
BASIC RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
BASIC RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $2,147.00 for 20 years would give you extra $137,431.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
BASIC RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of their annual compensation, limited to $20,500 for the taxable year ended December 31, 2022.
2. Employer Match/Contribution Conditions: The employer matches contributions made by hourly employees at a rate of 50% of each participant’s contribution, up to the first 6% of the participant’s eligible compensation. The Company also made a discretionary profit-sharing contribution at 8% of salaried participants’ eligible compensation for 2022.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their pre-tax contributions, after-tax contributions, Roth contributions, rollovers, and additional employer contributions. Vesting in profit sharing and matching contributions is based on a 5-year graded scale: 0% vested for less than one year, 20% for one year, 40% for two years, 60% for three years, 80% for four years, and 100% for five years. Additionally, vesting is 100% if the participant dies, becomes disabled, or reaches normal retirement age while employed by the Company.
4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.
BASIC RETIREMENT SAVINGS PLAN Maximum Match Calculator
This calculator helps to decide what's the minimum contribution you have to maximize your employer match.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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