E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Contribution & Employer Match

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Contribution & Employer Match

E. R. SNELL CONTRACTOR, INC. provides the following retirement savings benefits to its employees:

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN is $65,100.00

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN is $2,211.00. 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.
141,526.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,211.00 in E. R. SNELL CONTRACTOR, INC. PROFIT SHARING 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 E. R. SNELL CONTRACTOR, INC. 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’.

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN allocates $1,500,000.00 to match its employees' contributions, providing an employer match rate of 76.73% of their contributions

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN is approximately $1,948.00
Investing in this additonal $1,948.00 for 20 years would give you extra $124,675.00, assuming a 10% annual return.

E. R. SNELL CONTRACTOR, INC. PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their annual compensation, subject to limitations under the IRC.

2. Employer Match/Contribution Conditions: The company elected to make a $938,037 safe harbor matching contribution to all eligible employees and may also make discretionary profit sharing contributions and qualified non-elective contributions.

3. Vesting Schedule/Eligibility: Participants become 100% vested after six years of service, based on years of continuous service during which an employee completes at least 1,000 hours of service with the company.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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