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EBAA IRON, INC. 401(K) PLAN Contribution & Employer Match

EBAA IRON, INC. 401(K) PLAN Contribution & Employer Match

EBAA IRON, INC. provides the following retirement savings benefits to its employees:

EBAA IRON, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for EBAA IRON, INC. 401(K) PLAN is $96,995.00

EBAA IRON, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for EBAA IRON, INC. 401(K) PLAN is $3,085.00. 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.
197,485.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,085.00 in EBAA IRON, INC. 401(K) 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 EBAA IRON, INC. 401(K) 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’.

EBAA IRON, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2021, EBAA IRON, INC. 401(K) PLAN allocates $583,023.00 to match its employees' contributions, providing an employer match rate of 62.36% of their contributions

EBAA IRON, INC. 401(K) PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in EBAA IRON, INC. 401(K) PLAN is approximately $1,924.00
Investing in this additonal $1,924.00 for 20 years would give you extra $123,146.00, assuming a 10% annual return.

EBAA IRON, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a maximum of $19,500 for 2021, with an additional catch-up contribution of up to $6,500 for those aged 50 or older, totaling a possible contribution of $26,000.

2. Employer Match/Contribution Conditions: The employer matches 100% of the participant's salary deferral, up to a maximum of 3% of the participant's compensation. For contributions above 3%, the employer will contribute 0.5% for every percent up to 5%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary deferral and company safe harbor contributions. For discretionary contributions made by the company, the vesting schedule is as follows: 0% for less than 2 years of service, 20% for 2 to 3 years, 40% for 3 to 4 years, 60% for 4 to 5 years, 80% for 5 to 6 years, and 100% for 6 or more years. Eligibility requires 1,000 hours of service and attainment of 18 years of age.

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