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CAVALIER DISTRIBUTING RETIREMENT PLAN Contribution & Employer Match

CAVALIER DISTRIBUTING RETIREMENT PLAN Contribution & Employer Match

CAVALIER DISTRIBUTING COMPANY, INC. provides the following retirement savings benefits to its employees:

CAVALIER DISTRIBUTING RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CAVALIER DISTRIBUTING RETIREMENT PLAN is $13,859.00

CAVALIER DISTRIBUTING RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CAVALIER DISTRIBUTING RETIREMENT PLAN is $1,503.00. 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.
96,206.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,503.00 in CAVALIER DISTRIBUTING RETIREMENT 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 CAVALIER DISTRIBUTING RETIREMENT 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’.

CAVALIER DISTRIBUTING RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, CAVALIER DISTRIBUTING RETIREMENT PLAN allocates $632,755.00 to match its employees' contributions, providing an employer match rate of 72.64% of their contributions

CAVALIER DISTRIBUTING RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CAVALIER DISTRIBUTING RETIREMENT PLAN is approximately $940.00
Investing in this additonal $940.00 for 20 years would give you extra $60,172.00, assuming a 10% annual return.

CAVALIER DISTRIBUTING RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may defer 3% of their eligible compensation automatically, with a cap at a 6% deferral rate.

2. Employer Match/Contribution Conditions: The Company matches 100% of participant contributions up to 6% of compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately, with a vesting schedule for the Company's current matching contributions of 25% per year after two years of service, fully vested after five years. Participants are 100% vested in the Company's discretionary profit sharing contributions after six years of service, vesting 20% per year after two years.

4. Roth 401(k) contribution: The plan allows after-tax (Roth) contributions.

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