ELRINGKLINGER RETIREMENT SAVINGS PLAN Contribution & Employer Match

ELRINGKLINGER RETIREMENT SAVINGS PLAN Contribution & Employer Match

ELRINGKLINGER AUTOMOTIVE MANUFACTURING, INC. provides the following retirement savings benefits to its employees:

ELRINGKLINGER RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ELRINGKLINGER RETIREMENT SAVINGS PLAN is $29,219.00

ELRINGKLINGER RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ELRINGKLINGER RETIREMENT SAVINGS PLAN is $2,449.00. 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.
156,780.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,449.00 in ELRINGKLINGER RETIREMENT SAVINGS 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 ELRINGKLINGER RETIREMENT SAVINGS 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’.

ELRINGKLINGER RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ELRINGKLINGER RETIREMENT SAVINGS PLAN allocates $1,095,999.00 to match its employees' contributions, providing an employer match rate of 52.54% of their contributions

ELRINGKLINGER RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ELRINGKLINGER RETIREMENT SAVINGS PLAN is approximately $1,346.00
Investing in this additonal $1,346.00 for 20 years would give you extra $86,171.00, assuming a 10% annual return.

ELRINGKLINGER RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their annual compensation subject to maximum tax-deferred limitations established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer makes safe harbor matching contributions of 100% of participant elective deferrals up to 4% of employee compensation deferred.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their voluntary, rollover and safe harbor contributions and earnings thereon. Eligibility requires the employee to be at least 21 years old and to have completed 90 days of service.

4. The plan allows Roth 401(k) contributions.

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