BB&E 401(K) PLAN Contribution & Employer Match

BB&E 401(K) PLAN Contribution & Employer Match

BB&E, INC. provides the following retirement savings benefits to its employees:

BB&E 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BB&E 401(K) PLAN is $41,412.00

BB&E 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BB&E 401(K) PLAN is $6,159.00. 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.
394,212.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,159.00 in BB&E 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 BB&E 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’.

BB&E 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, BB&E 401(K) PLAN allocates $600,031.00 to match its employees' contributions, providing an employer match rate of 29.79% of their contributions

BB&E 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BB&E 401(K) PLAN is approximately $1,719.00
Investing in this additonal $1,719.00 for 20 years would give you extra $110,034.00, assuming a 10% annual return.

BB&E 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 92% of their base compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed to the Plan. Matching contributions are discretionary and there were no employer matching contributions for the year ended December 31, 2022.

3. Vesting Schedule/Eligibility: Participants are immediately vested in voluntary contributions, rollovers, safe harbor matching contributions, and actual earnings. Vesting in employer discretionary contributions and profit-sharing is based on years of service: 20% vested after two years, increasing by 20% each year until 100% after six years of service.

4. The Plan allows Roth 401(k) contributions.

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