BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

BITRODE CORPORATION provides the following retirement savings benefits to its employees:

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2022, the average participant retirement account value for BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST is $51,665.00

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST is $3,007.00. 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.
192,457.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,007.00 in BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST, 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 BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST

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’.

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2022, BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST allocates $157,062.00 to match its employees' contributions, providing an employer match rate of 45.22% of their contributions

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST is approximately $1,454.00
Investing in this additonal $1,454.00 for 20 years would give you extra $93,073.00, assuming a 10% annual return.

BITRODE CORP 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants may make pre-tax and Roth deferral contributions up to Internal Revenue Code ("IRC") limits.

2. Employer Match/Contribution Conditions: The Company elected to make a Safe Harbor contribution of 100% of the participant's elective deferral up to 4% of compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested in all accounts at all times; eligibility requires completion of 500 hours in their first six months or one year of service and being twenty-one or older.

4. Roth 401(k) Contribution: The Plan allows for Roth deferral contributions.

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