BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match
BEACON STAFFING SOLUTIONS, LLC provides the following retirement savings benefits to its employees:
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
122,088.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,907.00 in BEACON STAFFING SOLUTIONS LLC RETIREMENT 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 BEACON STAFFING SOLUTIONS LLC RETIREMENT 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’.
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $428.00 for 20 years would give you extra $27,445.00, assuming a 10% annual return.
BEACON STAFFING SOLUTIONS LLC RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Each year, participants may contribute a percentage of their pre-tax or after-tax annual compensation, subject to current statutory limits determined annually and prescribed by the Internal Revenue Service.
2. Employer Match/Contribution Conditions: Participating employers can elect to make safe harbor contributions, in which the employee is 100% vested. Discretionary employer-provided matching contributions may be made based on a discretionary percentage of the elective contributions made by the employee.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and safe harbor matching contributions. Vesting in the company’s non-elective contributions is based on years of service, with 100% vesting after three years of credited service.
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