COVATION SAVINGS PLAN Contribution & Employer Match
How COVATION INC. Supports Your Retirement Savings
COVATION INC. provides retirement savings benefits through COVATION SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
COVATION SAVINGS PLAN Average Participant Retirement Account Value
COVATION SAVINGS PLAN Estimated Average Employee Contribution Amount
1,360,225.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 21,253.00 in COVATION SAVINGS PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in COVATION SAVINGS PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
COVATION SAVINGS PLAN Total Employer Contribution and Match Rate
COVATION SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $9,042.00 for 20 years would give you extra $578,714.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
COVATION SAVINGS PLAN Contribution & Match Policy
COVATION SAVINGS PLAN Contribution, Match and Other Plan Policies
- Participants may elect to make contributions to the Plan up to the applicable legal limit.
- The participants may designate a portion of their deferrals as a Roth contribution.
- In addition, the Plan permits after-tax voluntary employee contributions.
- The Plan has an automatic enrollment feature whereby participants will be enrolled in the Plan upon meeting the eligibility requirements at a rate of 6% of eligible compensation.
- On the automatic enrollment anniversary date of each subsequent Plan year, the rate will increase by 1% until the participant reaches 15%.
- Catch-up contributions are also permitted up to the applicable legal limit.
- The Company provides a safe harbor matching contribution of 100% of the participant’s elective deferrals up to 6%.
- The Company also provides for a 3% profit sharing contribution.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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