DRYWALL SYSTEMS, INC RETIREMENT PLAN Contribution & Employer Match

DRYWALL SYSTEMS, INC RETIREMENT PLAN Contribution & Employer Match

HIGGINS GROUP, INC. provides the following retirement savings benefits to its employees:

DRYWALL SYSTEMS, INC RETIREMENT PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for DRYWALL SYSTEMS, INC RETIREMENT PLAN is $37,781.00

DRYWALL SYSTEMS, INC RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for DRYWALL SYSTEMS, INC RETIREMENT PLAN is $1,835.00. 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.
117,488.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,835.00 in DRYWALL SYSTEMS, INC 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 DRYWALL SYSTEMS, INC 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’.

DRYWALL SYSTEMS, INC RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2021, DRYWALL SYSTEMS, INC RETIREMENT PLAN allocates $148,011.00 to match its employees' contributions, providing an employer match rate of 39.91% of their contributions

DRYWALL SYSTEMS, INC RETIREMENT PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in DRYWALL SYSTEMS, INC RETIREMENT PLAN is approximately $732.00
Investing in this additonal $732.00 for 20 years would give you extra $46,894.00, assuming a 10% annual return.

DRYWALL SYSTEMS, INC RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation.

2. Employer Match/Contribution Conditions: The employer makes discretionary matching contributions of 50% of an employee’s salary deferral amount up to the first 6% of the employee’s compensation.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of service:

4. - Less than 1 year: 0%

5. - 1 year: 20%

6. - 2 years: 40%

7. - 3 years: 60%

8. - 4 years: 80%

9. - 5 years: 100%

10. Eligibility requires employees to have at least one year and 1,000 hours of service and be age 18 or older.

11. Roth 401(k) Contribution: The plan permits Roth salary reduction contributions.

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