CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Contribution & Employer Match

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Contribution & Employer Match

CUSTOM FOODS OF AMERICA INCORPORATED provides the following retirement savings benefits to its employees:

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN is $49,443.00

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN is $1,542.00. 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.
98,692.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,542.00 in CUSTOM FOODS OF AMERICA INCORPORATED 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 CUSTOM FOODS OF AMERICA INCORPORATED 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’.

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN allocates $868,902.00 to match its employees' contributions, providing an employer match rate of 221.84% of their contributions

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN is approximately $3,206.00
Investing in this additonal $3,206.00 for 20 years would give you extra $205,201.00, assuming a 10% annual return.

CUSTOM FOODS OF AMERICA INCORPORATED RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may voluntarily make qualified retirement contributions to the Plan which are deductible by the participants for federal income tax purposes under Section 401(k) of the Internal Revenue Code or can be made after-tax in the form of a Roth 401(k) contribution.

2. Employer Match/Contribution Conditions: The Company may elect to make discretionary matching and profit-sharing contributions to the Plan.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company profit sharing contributions is: 0% at less than 1 year, 0% at 1 year, 20% at 2 years, 40% at 3 years, 60% at 4 years, and 100% at 5 or more years of service. One year of service is defined as a period during which you completed 1,000 hours of service during the Plan Year.

4. Roth 401(k) Contribution: Yes.

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