CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Contribution & Employer Match

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Contribution & Employer Match

CADENCE DESIGN SYSTEMS INC provides the following retirement savings benefits to its employees:

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN is $316,145.00

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN is $13,983.00. 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.
894,942.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,983.00 in CADENCE DESIGN SYSTEMS, INC. 401(K) 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 CADENCE DESIGN SYSTEMS, 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’.

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN allocates $20,994,951.00 to match its employees' contributions, providing an employer match rate of 28.08% of their contributions

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN is approximately $3,737.00
Investing in this additonal $3,737.00 for 20 years would give you extra $239,173.00, assuming a 10% annual return.

CADENCE DESIGN SYSTEMS, INC. 401(K) PLAN Contribution & Match Policies

Contributions

* Participants can contribute up to $19,500 in 2021 (and $20,500 in 2022), with an additional $6,500 catch-up contribution allowed if age 50 or older.

Employer Match

* Employer contributions: The Company matches 50% of each eligible participant's contribution up to a maximum of 6% of the participant's eligible compensation.

* Discretionary company contributions and profit-sharing contributions are also allowed.

Vesting

* Participants are immediately vested in their contributions and discretionary Company contributions.

* Participants are fully vested in employer matching and profit-sharing contributions allocated to their account after four years of credited service.

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