BEWLEY'S USA SAVINGS PLAN Contribution & Employer Match
BEWLEY'S USA SAVINGS PLAN Contribution & Employer Match
CAMPBELL BEWLEY, INC. provides the following retirement savings benefits to its employees:
BEWLEY'S USA SAVINGS PLAN Average Participant Retirement Account Value
BEWLEY'S USA SAVINGS PLAN Estimated Average Employee Contribution Amount
96,668.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,510.00 in BEWLEY'S USA 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 BEWLEY'S USA 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’.
BEWLEY'S USA SAVINGS PLAN Total Employer Contribution and Match Rate
BEWLEY'S USA SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $721.00 for 20 years would give you extra $46,189.00, assuming a 10% annual return.
BEWLEY'S USA SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants are permitted to elect to have a percentage, limited by Plan provisions, of their compensation contributed as pre-tax 401(k) or Roth contributions to the Plan.
2. Employer Match/Contribution Conditions: The safe harbor matching contribution is equal to 100% of each participant's elective deferral contributions, not to exceed 3% of the participant's compensation, plus 50% of elective deferral contributions up to the next 2% of Plan compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Employer discretionary matching contribution plus actual earnings thereon is based on years of credited service: Participants become 20% vested per year after completing one year of service and are fully vested after five completed years of service. Eligibility requires completing three months of service and attaining the age of 21, as well as being employed on the last day of the Plan year and completing at least 1,000 hours of service during the Plan year.
4. Roth 401(k) contribution: Yes, the Plan allows Roth contributions.
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