COOK INLET REGION 401(K) RETIREMENT PLAN Contribution & Employer Match

COOK INLET REGION 401(K) RETIREMENT PLAN Contribution & Employer Match

COOK INLET REGION, INC. provides the following retirement savings benefits to its employees:

COOK INLET REGION 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for COOK INLET REGION 401(K) RETIREMENT PLAN is $75,607.00

COOK INLET REGION 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for COOK INLET REGION 401(K) RETIREMENT PLAN is $5,857.00. 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.
374,894.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,857.00 in COOK INLET REGION 401(K) RETIREMENT 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 COOK INLET REGION 401(K) RETIREMENT 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’.

COOK INLET REGION 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, COOK INLET REGION 401(K) RETIREMENT PLAN allocates $34,871,337.00 to match its employees' contributions, providing an employer match rate of 97.48% of their contributions

COOK INLET REGION 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in COOK INLET REGION 401(K) RETIREMENT PLAN is approximately $5,289.00
Investing in this additonal $5,289.00 for 20 years would give you extra $338,556.00, assuming a 10% annual return.

COOK INLET REGION 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute between 1% and 85% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The Employers make safe harbor match contributions up to 4% of the participant’s eligible compensation contributed to the Plan, for employees who meet the eligibility requirements.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings, and the vesting of Employer non-elective discretionary contributions follows a schedule where 0% is vested for less than 3 years of service and 100% is vested after 3 years of service. Eligibility requires employees to complete one year of service and meet an hours worked requirement.

4. Roth 401(k) contribution: Participants may elect to make Roth contributions utilizing after-tax contributions.

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