CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match
CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match
CREATIVE BATH PRODUCTS, INC. provides the following retirement savings benefits to its employees:
CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
41,089.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 642.00 in CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING 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’.
CREATIVE BATH PRODUCTS, INC. 401(K) AND PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of pretax annual compensation, subject to Internal Revenue Code limitations.
2. Employer Match/Contribution Conditions: The Company can make a non-elective employer contribution at their discretion, subject to statutory limits. For 2021, the contribution was 0%. The Company has elected not to match employee contributions.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 100% vesting after six years of credited service. Employees are eligible for contributions after accumulating 1,000 hours of service during a consecutive 12-month period following their hire date, and must attain the age of 21.
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