BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOSCH SECURITY SYSTEMS, INC. provides the following retirement savings benefits to its employees:

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN is $160,358.00

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN is $7,195.00. 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.
460,488.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,195.00 in BOSCH SECURITY SYSTEMS RETIREMENT 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 BOSCH SECURITY SYSTEMS RETIREMENT 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’.

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN allocates $3,842,122.00 to match its employees' contributions, providing an employer match rate of 46.68% of their contributions

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN is approximately $3,267.00
Investing in this additonal $3,267.00 for 20 years would give you extra $209,095.00, assuming a 10% annual return.

BOSCH SECURITY SYSTEMS RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 85 percent of their annual eligible compensation (excluding the Burlingame Plan, which has a maximum of 18 percent).

2. Employer Match/Contribution Conditions: The BSIP provides for variable employer matching contributions ranging from 0 to 100 percent of the first 9 percent of eligible compensation contributed by the participant, with the matching percentage being 75 percent for 2022. The BSSI Plan matches 50 percent of the first 6 percent of compensation deferred by the participant. The Burlingame Plan and the BBST Plan match 50 percent of the first 7 percent of eligible compensation contributed by participants who have completed one year of service.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their employee contributions and rollover contributions. For the BSSI Plan, participants are also immediately vested in employer profit-sharing contributions. Generally, participants are 100 percent vested in the non-profit-sharing employer contribution portion of their account after three years of credited service. The BBST Plan's employer matching contributions vest at the following schedule: 20% after 2 years, 40% after 3 years, 60% after 4 years, and 100% after 5 years or more. Eligibility requirements for participation vary, typically requiring full-time employment or part-time employees with one year of service consisting of 1,000 hours.

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