COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Employer Match
COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Employer Match
COMPRESSOR ENGINEERING CORPORATION provides the following retirement savings benefits to its employees:
COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
47,262.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 738.00 in COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING 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 COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING 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’.
COMPRESSOR ENGINEERING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company may make a discretionary pretax matching contribution, limited to the lesser of 15% of the participant's compensation for the year or the maximum allowable as determined by IRS limits.
3. Vesting Schedule/Eligibility: Participants are 100% vested after six years of credited service. Eligibility requires completion of one year of employment, attaining age 21, and working 1,000 hours in a single Plan year.
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