CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Contribution & Employer Match

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Contribution & Employer Match

CALVERT SYSTEMS ENGINEERING, INC provides the following retirement savings benefits to its employees:

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN is $109,885.00

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN is $9,930.00. 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.
635,544.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,930.00 in CALVERT SYSTEMS ENGINEERING, 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 CALVERT SYSTEMS ENGINEERING, 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’.

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN allocates $521,663.00 to match its employees' contributions, providing an employer match rate of 35.14% of their contributions

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN is approximately $3,240.00
Investing in this additonal $3,240.00 for 20 years would give you extra $207,369.00, assuming a 10% annual return.

CALVERT SYSTEMS ENGINEERING, INC 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their pre-tax or Roth after-tax annual compensation, up to the maximum dollar limits allowable by law.

2. Employer Match/Contribution Conditions: The employer’s safe harbor matching contributions are made equal to 100% of the participant's elective deferral up to 3% and 50% of the participant’s elective salary deferral between 3% and 5% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Company’s safe harbor matching contributions. The Company’s discretionary profit sharing contributions are vested based on years of continuous service, with 100% vesting after three years (1,000 hours per year) of credited service.

4. Roth 401(k) Contribution: Yes, the plan allows after-tax Roth contributions.

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