CINER 401(K) RETIREMENT PLAN Contribution & Employer Match
CINER 401(K) RETIREMENT PLAN Contribution & Employer Match
SISECAM CHEMICALS RESOURCES LLC provides the following retirement savings benefits to its employees:
CINER 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
CINER 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
484,527.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,570.00 in CINER 401(K) RETIREMENT 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 CINER 401(K) 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’.
CINER 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
CINER 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $6,238.00 for 20 years would give you extra $399,295.00, assuming a 10% annual return.
CINER 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 25% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of pre-tax and after-tax contributions up to 4% of eligible compensation and 50% of contributions in excess of 4% but not exceeding 6% of eligible compensation.
3. Vesting Schedule/Eligibility: The Company’s contributions vest in 25% increments for each full calendar year of service, fully vested after four years. Company matching contributions for participants who are credited with at least one hour of service on or after June 1, 2017 are immediately vested. Eligibility requires employees to become participants upon hire.
4. Roth 401(k) contribution: The plan allows Roth 401(k) contributions.
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