CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Contribution & Employer Match

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Contribution & Employer Match

CLECO POWER LLC provides the following retirement savings benefits to its employees:

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN is $267,819.00

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN is $8,375.00. 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.
536,047.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,375.00 in CLECO POWER LLC 401(K) SAVINGS & INVESTMENT 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 CLECO POWER LLC 401(K) SAVINGS & INVESTMENT 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’.

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN allocates $9,311,127.00 to match its employees' contributions, providing an employer match rate of 65.47% of their contributions

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN is approximately $5,532.00
Investing in this additonal $5,532.00 for 20 years would give you extra $354,077.00, assuming a 10% annual return.

CLECO POWER LLC 401(K) SAVINGS & INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50% of annual compensation, not to exceed $20,500 in 2022 and $19,500 in 2021.

2. Employer Match/Contribution Conditions: Participants hired prior to August 1, 2007, receive a basic match of 66-2/3% of their total pretax basic contribution, up to the first 6% of their annual compensation. Participants hired on or after August 1, 2007, receive a basic match of 100% of their total pretax basic contribution, up to the first 6% of their annual compensation. Additionally, all employees hired or rehired on or after August 1, 2007, are eligible for a discretionary non-elective Cleco-funded contribution.

3. Vesting Schedule/Eligibility: Participants are fully vested in their voluntary contributions, eligible rollovers, earnings, and basic match at all times. Non-elective Cleco-funded contributions are subject to vesting based on years of service (less than 2 years: 0%, 2 years: 20%, 3 years: 40%, 4 years: 60%, 5 years: 80%, 6 years or more: 100%). Participants under 6 years of service become fully vested upon reaching age 65, death, or disability.

4. Roth 401(k) Contribution: Participants may designate all or a portion of their contributions as Roth

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