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BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

BUCKLES-SMITH ELECTRIC COMPANY provides the following retirement savings benefits to its employees:

BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN is $5,464.00. 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.
349,706.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,464.00 in BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT 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 BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT 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’.

BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN allocates $383,029.00 to match its employees' contributions, providing an employer match rate of 34.53% of their contributions

BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN is approximately $1,915.00
Investing in this additonal $1,915.00 for 20 years would give you extra $122,569.00, assuming a 10% annual return.

BUCKLES-SMITH ELECTRIC CO. SAVINGS AND INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute pretax annual compensation and may also elect to make Roth contributions using after-tax contributions.

2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions equal to 100% of participants’ salary deferrals that do not exceed 1% of their eligible compensation plus 50% of their salary deferrals between 1% and 6% of their compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in employer safe harbor matching contributions and are 100% vested in employer discretionary matching and profit-sharing contributions after four years of credited service. Eligibility requires employees to reach age 21 and complete three months of service (after January 1, 2022; six months prior).

4. Roth 401(k) contribution: Yes, the plan allows Roth contributions.

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