BUILDER'S STONE & MASONRY INC. 401(K) PLAN Contribution & Employer Match
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Contribution & Employer Match
BUILDER'S STONE & MASONRY INC. provides the following retirement savings benefits to its employees:
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Average Participant Retirement Account Value
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Estimated Average Employee Contribution Amount
125,144.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,955.00 in BUILDER'S STONE & MASONRY INC. 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 BUILDER'S STONE & MASONRY INC. 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’.
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Total Employer Contribution and Match Rate
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $967.00 for 20 years would give you extra $61,924.00, assuming a 10% annual return.
BUILDER'S STONE & MASONRY INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The company matches 100% of the first 3% and 50% of the next 2% of employees’ eligible compensation contributed to the plan.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and the employer match. For discretionary profit-sharing contributions, the vesting schedule is as follows: less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years - 100%. Eligibility requires one year of service and being age 21 or over.
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