CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Employer Match
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Employer Match
BULL MOOSE TUBE COMPANY provides the following retirement savings benefits to its employees:
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
351,471.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,491.00 in CAPARO EMPLOYEES RETIREMENT SAVINGS 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 CAPARO EMPLOYEES RETIREMENT SAVINGS 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’.
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,059.00 for 20 years would give you extra $195,832.00, assuming a 10% annual return.
CAPARO EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to make salary deferral contributions, Roth contributions or a combination thereof, up to 60% of eligible compensation, not to exceed the maximum amount allowed by law.
2. Employer Match/Contribution Conditions: The Company matched 100% of the first 1% of the participant's compensation contributed and an additional 50% of the next 5% of the participant's compensation contributed. For employees of Bull Moose Engineering, Inc., the Company did not match employee contributions. The Company also makes discretionary contributions equal to 2.5% of each participant's compensation up to the Social Security taxable wage base plus 5% of the participant's compensation in excess of the Social Security taxable wage base.
3. Vesting Schedule/Eligibility: Company matching and discretionary contributions are 100% vested upon completion of two years of service. Eligibility requires completion of three months of service with the Company.
4. Yes, the plan allows Roth 401(k) contributions.
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