CEDARWOOD-YOUNG COMPANY 401(K) PLAN Contribution & Employer Match

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Contribution & Employer Match

CEDARWOOD-YOUNG COMPANY provides the following retirement savings benefits to its employees:

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CEDARWOOD-YOUNG COMPANY 401(K) PLAN is $87,540.00

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CEDARWOOD-YOUNG COMPANY 401(K) PLAN is $4,122.00. 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.
263,870.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,122.00 in CEDARWOOD-YOUNG COMPANY 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 CEDARWOOD-YOUNG COMPANY 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’.

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CEDARWOOD-YOUNG COMPANY 401(K) PLAN allocates $560,962.00 to match its employees' contributions, providing an employer match rate of 52.03% of their contributions

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CEDARWOOD-YOUNG COMPANY 401(K) PLAN is approximately $2,174.00
Investing in this additonal $2,174.00 for 20 years would give you extra $139,153.00, assuming a 10% annual return.

CEDARWOOD-YOUNG COMPANY 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 through salary reduction and, if eligible for catch-up deferrals, may contribute an additional $6,500.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant elective deferrals for the first 4% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested in their elective contributions and the matching employer contributions on them. Participants vest in non-elective employer contributions over a period of six years of vesting service. Eligibility for non-elective employer contributions requires the participant to have earned at least 1,000 hours of service and be employed as of the last day of the Plan's year.

4. Roth 401(k) Contribution: The Plan allows Roth-IRA contributions on an after-tax basis effective August 30, 2022.

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