CONCENTRIX RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

CONCENTRIX RETIREMENT AND SAVINGS PLAN Contribution & Employer Match

CONCENTRIX CVG CORPORATION provides the following retirement savings benefits to its employees:

CONCENTRIX RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CONCENTRIX RETIREMENT AND SAVINGS PLAN is $40,668.00

CONCENTRIX RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CONCENTRIX RETIREMENT AND SAVINGS PLAN is $1,779.00. 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.
113,881.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,779.00 in CONCENTRIX RETIREMENT AND SAVINGS 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 CONCENTRIX RETIREMENT AND 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’.

CONCENTRIX RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, CONCENTRIX RETIREMENT AND SAVINGS PLAN allocates $15,084,800.00 to match its employees' contributions, providing an employer match rate of 40.44% of their contributions

CONCENTRIX RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CONCENTRIX RETIREMENT AND SAVINGS PLAN is approximately $769.00
Investing in this additonal $769.00 for 20 years would give you extra $49,226.00, assuming a 10% annual return.

CONCENTRIX RETIREMENT AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute a percentage of their annual compensation on a pre-tax or after-tax basis, as defined in the Plan and set by the Committee.

2. Employer Match/Contribution Conditions: The Company contributes an employer match equal to 100% of the first 3% and 50% of the next 2% of eligible compensation deferred by the participant, provided that the participant has completed at least 1,000 hours of service during the 12-month period beginning on the date of first employment with the Company.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings thereon. Participants are vested immediately in the matching contributions made by the Plan Sponsor plus actual earnings thereon.

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