CANVAS CREDIT UNION SAVINGS PLAN Contribution & Employer Match

How CANVAS CREDIT UNION Supports Your Retirement Savings

CANVAS CREDIT UNION provides retirement savings benefits through CANVAS CREDIT UNION SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

CANVAS CREDIT UNION SAVINGS PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for CANVAS CREDIT UNION SAVINGS PLAN is $72,635.00

CANVAS CREDIT UNION SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for CANVAS CREDIT UNION SAVINGS PLAN is $4,535.00. 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.
290,258.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,535.00 in CANVAS CREDIT UNION SAVINGS PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in CANVAS CREDIT UNION SAVINGS PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

CANVAS CREDIT UNION SAVINGS PLAN Total Employer Contribution and Match Rate

In 2024, CANVAS CREDIT UNION SAVINGS PLAN allocates $4,735,430.00 to match its employees’ contributions, providing an employer match rate of 124.30% of their contributions

CANVAS CREDIT UNION SAVINGS PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in CANVAS CREDIT UNION SAVINGS PLAN is approximately $5,136.00
Investing in this additonal $5,136.00 for 20 years would give you extra $328,706.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

CANVAS CREDIT UNION SAVINGS PLAN Contribution & Match Policy

CANVAS CREDIT UNION SAVINGS PLAN Plan Policies

CANVAS CREDIT UNION SAVINGS PLAN Contribution, Match and Other Plan Policies

  • Each year, participants may contribute up to the maximum percentage allowed by law of pretax annual compensation, as defined in the Plan.
  • Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
  • Participants may also make Roth deferral contributions up to the maximum allowed by law.
  • The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan.
  • Automatically enrolled participants have their deferral rate set at 3% of eligible compensation and their contributions invested in a designated target date investment nearest the participant’s estimated retirement date until changed by the participant.
  • Further, each January 1st, any eligible participants not making an elective deferral contribution of at least 3% have their deferral rate set to 3%.
  • The Credit Union contributes 100% of the first 3% of base compensation that a participant contributes to the Plan, plus 50% of the next 2% of base compensation that a participant contributes to the Plan.
  • Participants are vested immediately in their contributions and safe harbor matching contributions plus actual earnings thereon. Vesting in the Credit Union’s profit-sharing contributions plus actual earnings thereon are based on years of continuous service. A participant is 100 percent vested after five years of credited service as detailed below. Participants are also fully vested in all Credit Union contributions plus actual earnings thereon if they are employees upon their normal retirement age, they reach early retirement age, they die while an employee, or they terminate employment with the Credit Union due to a total and permanent disability as defined in the Plan. Profit-sharing contributions vest as follows: Years of Vesting Service
  • Less than 1 years: 0%
  • 5+ years: 100%

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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