DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match
DEANS & HOMER provides the following retirement savings benefits to its employees:
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Average Participant Retirement Account Value
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
599,511.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,367.00 in DEANS & HOMER 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 DEANS & HOMER 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’.
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $4,017.00 for 20 years would give you extra $257,142.00, assuming a 10% annual return.
DEANS & HOMER 401(K) AND PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to make pre-tax and/or Roth after-tax contributions up to the amount allowable under Code regulations.
2. Employer Match/Contribution Conditions: The Company makes matching contributions of 100% of the participants' pre-tax and/or Roth elective contributions up to $3,000 per year, plus a supplementary matching contribution of $2,000 per participant after their first $1 deferred per year.
3. Vesting Schedule/Eligibility: Employer contributions are fully vested at all times. Substantially all employees are eligible to participate in the Plan with no age or service requirement.
4. Roth 401(k) Contribution: The Plan allows Roth 401(k) contributions.
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