CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Contribution & Employer Match

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Contribution & Employer Match

CPS PERFORMANCE MATERIALS CORP. provides the following retirement savings benefits to its employees:

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN is $129,769.00

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN is $6,003.00. 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.
384,246.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,003.00 in CPS PERFORMANCE MATERIALS CORP SAVINGS & 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 CPS PERFORMANCE MATERIALS CORP SAVINGS & 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’.

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN allocates $182,590.00 to match its employees' contributions, providing an employer match rate of 35.78% of their contributions

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN is approximately $5,216.00
Investing in this additonal $5,216.00 for 20 years would give you extra $333,878.00, assuming a 10% annual return.

CPS PERFORMANCE MATERIALS CORP SAVINGS & RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum amount allowed by law, as defined by the Plan, limited by the provisions of the IRC.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant contributions up to the first 3% of eligible compensation and 50% of participant contributions on the next 2% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and the employer's safe-harbor matching contributions. Vesting in the employer’s discretionary contributions is based on years of service: 0% for less than 2 years, 25% at 2 years, 50% at 3 years, 75% at 4 years, and 100% for 5 or more years.

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