BOND CREATIVE, LLC. 401(K) PLAN Contribution & Employer Match
BOND CREATIVE, LLC. 401(K) PLAN Contribution & Employer Match
BOND CREATIVE, LLC. provides the following retirement savings benefits to its employees:
BOND CREATIVE, LLC. 401(K) PLAN Average Participant Retirement Account Value
BOND CREATIVE, LLC. 401(K) PLAN Estimated Average Employee Contribution Amount
447,629.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,994.00 in BOND CREATIVE, LLC. 401(K) 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 BOND CREATIVE, LLC. 401(K) 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’.
BOND CREATIVE, LLC. 401(K) PLAN Total Employer Contribution and Match Rate
BOND CREATIVE, LLC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,483.00 for 20 years would give you extra $94,956.00, assuming a 10% annual return.
BOND CREATIVE, LLC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 92% of their plan compensation in pre-tax deferrals and Roth deferrals.
2. Employer Match/Contribution Conditions:
3. - Discretionary Matching Contributions: Participants must complete 1,000 hours of service during the Plan year and be employed by the Company on the last day of the Plan year.
4. - Safe Harbor Non-Elective Contributions (SHNECs): The Company contributes not less than 3% of Plan Compensation, and the employee must be eligible to participate in the Plan.
5. - Non-Elective Contributions: Participants must complete 1,000 hours of service during the Plan year and be employed by the Company on the last day of the Plan year.
6. Vesting Schedule/Eligibility:
7. - Vesting Schedule: Participants vest in the Company’s non-elective contributions at the rate of 20% for each year of service until fully vested, beginning on the second anniversary of date of hire. Full vesting occurs after six years of credited service.
8. - Eligibility Requirements: Employees must be at least 21 years old and complete 1,000 hours of service with the Company during the one year of eligibility computation period.
9. Roth 401(k) contribution: Yes, the plan allows Roth deferrals.
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