EDISON CHOUEST OFFSHORE RETIREMENT PLAN Contribution & Employer Match
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Contribution & Employer Match
GALLIANO MARINE SERVICE, L.L.C. provides the following retirement savings benefits to its employees:
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Average Participant Retirement Account Value
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Estimated Average Employee Contribution Amount
314,333.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,911.00 in EDISON CHOUEST OFFSHORE RETIREMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 EDISON CHOUEST OFFSHORE 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’.
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Total Employer Contribution and Match Rate
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,902.00 for 20 years would give you extra $121,753.00, assuming a 10% annual return.
EDISON CHOUEST OFFSHORE RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may defer a portion of their compensation each pay period, with deferral amounts limited to a maximum dollar amount allowed by law.
2. Employer Match/Contribution Conditions: The employer makes a matching contribution equal to a discretionary percentage of employee salary deferrals, determined by the employer as of the first day of each Plan year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and earnings. For matching contributions, a participant is 100% vested after six years of credited service, with participants credited with a year of service for each Plan year in which they complete 1,000 or more hours of service.
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