CONCRETE EXPRESS, INC. 401(K) PLAN Contribution & Employer Match

CONCRETE EXPRESS, INC. 401(K) PLAN Contribution & Employer Match

CONCRETE EXPRESS, INC. provides the following retirement savings benefits to its employees:

CONCRETE EXPRESS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CONCRETE EXPRESS, INC. 401(K) PLAN is $22,956.00

CONCRETE EXPRESS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CONCRETE EXPRESS, INC. 401(K) PLAN is $2,256.00. 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.
144,390.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,256.00 in CONCRETE EXPRESS, INC. 401(K) 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 CONCRETE EXPRESS, INC. 401(K) 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’.

CONCRETE EXPRESS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CONCRETE EXPRESS, INC. 401(K) PLAN allocates $187,279.00 to match its employees' contributions, providing an employer match rate of 28.82% of their contributions

CONCRETE EXPRESS, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CONCRETE EXPRESS, INC. 401(K) PLAN is approximately $518.00
Investing in this additonal $518.00 for 20 years would give you extra $33,201.00, assuming a 10% annual return.

CONCRETE EXPRESS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the amount allowed by law of annual compensation, on a pretax or after-tax basis.

2. Employer Match/Contribution Conditions: The Company made matching contributions equal to 40% of the first 5% of participant contributions, plus 20% of all additional participant contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the Company's discretionary matching contributions is based on years of continuous service; 100 percent vested after five years of credited service.

4. It allows Roth 401(k) contribution.

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