ELBERTON GRANITE ASSOCIATION MEP Contribution & Employer Match

ELBERTON GRANITE ASSOCIATION MEP Contribution & Employer Match

ELBERTON GRANITE ASSOCIATION provides the following retirement savings benefits to its employees:

ELBERTON GRANITE ASSOCIATION MEP Average Participant Retirement Account Value

In 2022, the average participant retirement account value for ELBERTON GRANITE ASSOCIATION MEP is $16,170.00

ELBERTON GRANITE ASSOCIATION MEP Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for ELBERTON GRANITE ASSOCIATION MEP is $562.00. 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.
36,006.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 562.00 in ELBERTON GRANITE ASSOCIATION MEP, 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 ELBERTON GRANITE ASSOCIATION MEP

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’.

ELBERTON GRANITE ASSOCIATION MEP Total Employer Contribution and Match Rate

In 2022, ELBERTON GRANITE ASSOCIATION MEP allocates $39,651.00 to match its employees' contributions, providing an employer match rate of 46.21% of their contributions

ELBERTON GRANITE ASSOCIATION MEP Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in ELBERTON GRANITE ASSOCIATION MEP is approximately $319.00
Investing in this additonal $319.00 for 20 years would give you extra $20,465.00, assuming a 10% annual return.

ELBERTON GRANITE ASSOCIATION MEP Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants may contribute pretax or after-tax compensation, not to exceed $19,500, with an additional $6,500 for those 50 years of age or more at the end of the plan year.

2. Employer Match/Contribution Conditions: Some companies in the Plan have elected to match 25% of the first $1,000 of salary deferrals and 10% of each participant’s salary deferrals in excess of $1,000. The safe harbor contributions have 2 tiers: the first tier matching contribution is equal to 100% of elective contributions to the extent that they do not exceed 3% of compensation; the second tier is 50% of elective contributions to the extent that they exceed 3% but do not exceed 5% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary deferrals and voluntary contributions, plus actual earnings thereon. Matching contributions from the Companies and earnings thereon are vested immediately at 100%. Vesting on profit-sharing contributions is based on years of continuous service and increases in increments of 20% per year starting in year two until fully vested after six years of credited service. Eligibility requires employees to be at least 18 years of age and have completed one year or 1,000 hours of service.

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