CALUMET ELECTRONICS CORPORATION 401(K) PLAN Contribution & Employer Match

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Contribution & Employer Match

CALUMET ELECTRONICS CORPORATION provides the following retirement savings benefits to its employees:

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CALUMET ELECTRONICS CORPORATION 401(K) PLAN is $22,661.00

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CALUMET ELECTRONICS CORPORATION 401(K) PLAN is $2,444.00. 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.
156,479.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,444.00 in CALUMET ELECTRONICS CORPORATION 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 CALUMET ELECTRONICS CORPORATION 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’.

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CALUMET ELECTRONICS CORPORATION 401(K) PLAN allocates $86,550.00 to match its employees' contributions, providing an employer match rate of 12.62% of their contributions

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CALUMET ELECTRONICS CORPORATION 401(K) PLAN is approximately $273.00
Investing in this additonal $273.00 for 20 years would give you extra $17,529.00, assuming a 10% annual return.

CALUMET ELECTRONICS CORPORATION 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute an amount equal to 1% up to 100% of their compensation, not to exceed $20,500 ($27,000 for employees age 50 or older).

2. Employer Match/Contribution Conditions: The company may elect to make discretionary contributions monthly and/or annually. In the Plan years ending December 31, 2022 and 2021, the Company contributed $30 per month for participants who opted out of the Company’s AFLAC hospitalization policy.

3. Vesting Schedule/Eligibility: Employer matching and discretionary contributions become vested under the following schedule: 0% at 1 year, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years. Employees must have attained the age of nineteen and completed one year of service by working a minimum of 1,000 hours.

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