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DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Contribution & Employer Match

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Contribution & Employer Match

DIEMOLDING CORPORATION provides the following retirement savings benefits to its employees:

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN is $71,271.00

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN is $2,581.00. 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.
165,232.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,581.00 in DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT 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 DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT 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’.

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Total Employer Contribution and Match Rate

In 2023, DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN allocates $159,028.00 to match its employees' contributions, providing an employer match rate of 48.31% of their contributions

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN is approximately $1,242.00
Investing in this additonal $1,242.00 for 20 years would give you extra $79,514.00, assuming a 10% annual return.

DIEMOLDING CORPORATION EMPLOYEES' 401(K) BENEFIT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum amount allowed by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer makes a 3% Safe Harbor contribution for all eligible employees not covered by a collective bargaining agreement. For union participants, a non-elective employer contribution of 2% of compensation is provided, plus an employer matching contribution of up to 2% of the employee's contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective salary deferral and rollover contributions, the Company’s 3% Safe Harbor contributions, the 2% non-elective employer contributions, and the 2% employer matching contributions. Additional discretionary contributions vest at 20% each year, becoming 100% vested after five years of credited service. Eligibility requires employees to be twenty-one years of age and to have completed four months of service.

4. Roth 401(k): Not explicitly mentioned.

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