BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BLANCHARD MACHINERY COMPANY, A SOUTH CAROLINA CORPORATION provides the following retirement savings benefits to its employees:

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN is $78,316.00

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN is $5,194.00. 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.
332,468.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,194.00 in BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING 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 BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING 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’.

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN allocates $1,346,756.00 to match its employees' contributions, providing an employer match rate of 36.18% of their contributions

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN is approximately $1,798.00
Investing in this additonal $1,798.00 for 20 years would give you extra $115,076.00, assuming a 10% annual return.

BLANCHARD MACHINERY COMPANY 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 75% of their annual compensation.

2. Employer Match/Contribution Conditions: The employer may match up to 100% of a participant’s eligible compensation contributed as elective deferral contributions, up to a maximum of $2,750 for the year ended December 31, 2022, and $2,500 for the year ended December 31, 2021.

3. Vesting Schedule/Eligibility: Participants become 20% vested in employer contributions upon completion of two years of continuous service. Participants vest 20% per year in employer contributions for the next four years, reaching 100% vesting after six years of service. To be eligible for discretionary employer matching contributions, a participant must complete one year of service with at least 1,000 hours worked.

4. Roth 401(k) Contribution: The plan allows after-tax Roth 401(k) contributions.

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