BURDICK PAINTING 401(K) RETIREMENT PLAN Contribution & Employer Match
BURDICK PAINTING 401(K) RETIREMENT PLAN Contribution & Employer Match
BURDICK PAINTING provides the following retirement savings benefits to its employees:
BURDICK PAINTING 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
BURDICK PAINTING 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
91,524.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,430.00 in BURDICK PAINTING 401(K) RETIREMENT 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 BURDICK PAINTING 401(K) RETIREMENT 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’.
BURDICK PAINTING 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of their annual gross compensation.
2. Employer Match/Contribution Conditions: Employer is allowed to make discretionary matching and profit sharing contributions as defined in the Plan Document; there were no discretionary matching or profit sharing contributions for the years ended December 31, 2021 and 2020.
3. Vesting Schedule/Eligibility: Immediate vesting in participant contributions; vesting in employer contributions based on a six-year graded vesting schedule.
4. Roth 401(k) Contribution: Yes, the plan permits Roth 401(k) contributions.
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