CFG RETIREMENT SAVINGS PLAN Contribution & Employer Match
CFG RETIREMENT SAVINGS PLAN Contribution & Employer Match
CITIZENS FINANCIAL GROUP, INC. provides the following retirement savings benefits to its employees:
CFG RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
CFG RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
328,114.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,126.00 in CFG 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 CFG 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’.
CFG RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
CFG RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,041.00 for 20 years would give you extra $194,670.00, assuming a 10% annual return.
CFG RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: 1% to 50% of eligible compensation.
2. Employer Match/Contribution Conditions: Employer matches participant contributions dollar for dollar up to 4% after the participant completes one year of service.
3. Vesting Schedule/Eligibility: Participants are vested immediately in the value of their accounts attributable to their contributions and Employer Matching contributions. For Employer Core Non-elective Contributions, vesting occurs after completion of three years of service, attainment of age 65, or disability or death while employed at Citizens.
4. Roth 401(k) Contribution: Yes.
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