DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Contribution & Employer Match

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Contribution & Employer Match

DTE ENERGY CORPORATE SERVICES,LLC provides the following retirement savings benefits to its employees:

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN is $286,392.00

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN is $9,285.00. 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.
594,264.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,285.00 in DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP 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 DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP 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’.

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Total Employer Contribution and Match Rate

In 2023, DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN allocates $45,248,874.00 to match its employees' contributions, providing an employer match rate of 64.21% of their contributions

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN is approximately $5,881.00
Investing in this additonal $5,881.00 for 20 years would give you extra $376,436.00, assuming a 10% annual return.

DTE ENERGY COMPANY SAVINGS AND STOCK OWNERSHIP PLAN Contribution & Match Policy

1. **Employee Contribution Rates:** Up to 100% of annual eligible compensation.

2. **Employer Match/Contribution Conditions:** The employer makes contributions based on employee contributions after a specified period of service. For the SSOP, Local 223, and Gas ISOP Plans, the Company makes a Non-Elective Contribution equal to 4% of the participant’s eligible compensation, and employees do not need to make contributions to be eligible for this.

3. **Vesting Schedule/Eligibility:** Employer contributions vest according to the following schedule: 0% vested for less than 2 years, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 years. Eligibility to participate is upon hire for most participants; some conditions apply for specific employee groups.

4. **Roth 401(k) Contribution:** Yes, it allows Roth 401(k) contributions.

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