CREA, LLC RETIREMENT READINESS 401(K) PLAN Contribution & Employer Match

CREA, LLC RETIREMENT READINESS 401(K) PLAN Contribution & Employer Match

CREA, LLC provides the following retirement savings benefits to its employees:

CREA, LLC RETIREMENT READINESS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CREA, LLC RETIREMENT READINESS 401(K) PLAN is $95,567.00

CREA, LLC RETIREMENT READINESS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CREA, LLC RETIREMENT READINESS 401(K) PLAN is $11,114.00. 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.
711,318.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,114.00 in CREA, LLC RETIREMENT READINESS 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 CREA, LLC RETIREMENT READINESS 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’.

CREA, LLC RETIREMENT READINESS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CREA, LLC RETIREMENT READINESS 401(K) PLAN allocates $454,536.00 to match its employees' contributions, providing an employer match rate of 26.99% of their contributions

CREA, LLC RETIREMENT READINESS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CREA, LLC RETIREMENT READINESS 401(K) PLAN is approximately $2,539.00
Investing in this additonal $2,539.00 for 20 years would give you extra $162,515.00, assuming a 10% annual return.

CREA, LLC RETIREMENT READINESS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute amounts up to an annual limit of the lesser of 100% of eligible compensation or $20,500 for 2022.

2. Employer Match/Contribution Conditions: The company may make non-elective or discretionary contributions to the Plan at its discretion. During the year ended December 31, 2022, the company made a non-elective contribution equal to $3,000 per employee.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferral contributions. Vesting in the company's contributions is based on years of continuous service: 0% for less than 1 year, 20% for 1 year, 40% for 2 years, 60% for 3 years, 80% for 4 years, and 100% for 5 or more years. Eligibility requires employees to be at least 21 years of age and complete 3 months of service.

4. Roth 401(k) Contribution: Yes, the plan allows for after-tax ("Roth") contributions.

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