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CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Contribution & Employer Match

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Contribution & Employer Match

CROWN AUTO DEALERSHIPS, INC. provides the following retirement savings benefits to its employees:

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN is $33,385.00

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN is $3,693.00. 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.
236,396.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,693.00 in CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION 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 CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION 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’.

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Total Employer Contribution and Match Rate

In 2023, CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN allocates $1,051,212.00 to match its employees' contributions, providing an employer match rate of 19.00% of their contributions

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN is approximately $707.00
Investing in this additonal $707.00 for 20 years would give you extra $45,274.00, assuming a 10% annual return.

CROWN AUTO DEALERSHIP EMPLOYEES CAPITAL ACCUMULATION PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation, subject to limits defined by law.

2. Employer Match/Contribution Conditions: The Company contributes a matching amount based on a percentage of the participant's contribution to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Employer contributions vest as follows: Less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years - 100%. Eligibility requires at least three months of service and being age 21 or older.

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