BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Contribution & Employer Match

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Contribution & Employer Match

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC provides the following retirement savings benefits to its employees:

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN is $115,209.00

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN is $5,837.00. 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.
373,582.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,837.00 in BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS 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 BENDIX COMMERCIAL VEHICLE SYSTEMS LLC 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’.

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN allocates $8,858,431.00 to match its employees' contributions, providing an employer match rate of 58.28% of their contributions

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN is approximately $2,869.00
Investing in this additonal $2,869.00 for 20 years would give you extra $183,653.00, assuming a 10% annual return.

BENDIX COMMERCIAL VEHICLE SYSTEMS LLC SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1 percent to 25 percent of their salary.

2. Employer Match/Contribution Conditions: The employer matches 25 percent of the employee's contribution on the first 8 percent of compensation, increasing to 50 percent after five years of matched participation. No contributions are made for amounts exceeding 8 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and 100 percent vested in employer contributions after three years of credited service. Eligibility requires completing one hour of service (for full-time employees) and one year of service (for part-time employees).

4. Roth 401(k) contribution: The document does not specify information on Roth 401(k) contributions.

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