DECISIONHR RETIREMENT SAVINGS PLAN Contribution & Employer Match
DECISIONHR RETIREMENT SAVINGS PLAN Contribution & Employer Match
DECISIONHR, INC. provides the following retirement savings benefits to its employees:
DECISIONHR RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
DECISIONHR RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
40,294.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 629.00 in DECISIONHR RETIREMENT SAVINGS 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 DECISIONHR RETIREMENT SAVINGS 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’.
DECISIONHR RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
DECISIONHR RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $143.00 for 20 years would give you extra $9,160.00, assuming a 10% annual return.
DECISIONHR RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a percentage of their pre-tax annual compensation, subject to limitations imposed by the Internal Revenue Code. The maximum participant deferral for December 31, 2022, was $20,500.
2.
3. Employer Match/Contribution Conditions: Employers may elect to make a matching contribution equal to a specified percentage of the elective contribution made by the participant. Safe harbor matching contributions may equal 100% of the participant’s elective deferral up to 6% of the participant’s eligible compensation or 100% of the participant's elective deferral up to a maximum of 3% of eligible compensation plus 50% of elective deferrals for eligible compensation over 3% not to exceed 5% for each payroll period.
4. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. Vesting in the matching and discretionary contribution portion of their accounts is based on years of continuous service. Participants are 100% vested in any safe harbor contributions made by an Employer.
5. Roth 401(k) Contribution: Employers represented by the Company may elect to make Roth elective contributions available to its employees who are participants.
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