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CONNOR GROUP, INC. 401(K) PLAN Contribution & Employer Match

CONNOR GROUP, INC. 401(K) PLAN Contribution & Employer Match

CONNOR GROUP, INC. provides the following retirement savings benefits to its employees:

CONNOR GROUP, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CONNOR GROUP, INC. 401(K) PLAN is $72,581.00

CONNOR GROUP, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CONNOR GROUP, INC. 401(K) PLAN is $12,976.00. 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.
830,464.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,976.00 in CONNOR GROUP, 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 CONNOR GROUP, 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’.

CONNOR GROUP, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CONNOR GROUP, INC. 401(K) PLAN allocates $1,501,137.00 to match its employees' contributions, providing an employer match rate of 21.60% of their contributions

CONNOR GROUP, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CONNOR GROUP, INC. 401(K) PLAN is approximately $2,172.00
Investing in this additonal $2,172.00 for 20 years would give you extra $139,034.00, assuming a 10% annual return.

CONNOR GROUP, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to make both pre-tax and Roth salary reduction contributions, subject to an annual limit of the lesser of 100% of eligible compensation or $20,500 in a calendar year.

2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions and discretionary non-elective employer contributions. During 2022, the employer made $1,349,285 of discretionary non-elective employer contributions.

3. Vesting Schedule/Eligibility: Participants are always 100% vested in their accounts attributable to elective deferrals, including catch-up contributions and rollover contributions. The vesting in the Plan Sponsor’s contribution portion of their accounts is based on years of continuous service, using a three-year cliff vesting.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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