BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match
BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match
BUGCROWD INC. provides the following retirement savings benefits to its employees:
BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value
BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount
425,952.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,655.00 in BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST, 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 BUGCROWD INC. 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’.
BUGCROWD INC. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute amounts as elective deferrals, including Roth contributions.
2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions; participants must complete 1,000 hours of service during the Plan Year and be employed on the last day of the Plan Year.
3. Vesting Schedule/Eligibility: Participants are always fully vested in their own contributions and the Company’s discretionary matching, QNECs, QMACs, and all earnings thereon.
4. Roth 401(k) Contribution: The Plan allows elective deferral contributions to be made as Roth contributions and includes In-Plan Roth conversions.
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