EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

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

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EMPLICITY 401(K) RETIREMENT SAVINGS PLAN is $14,992.00

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EMPLICITY 401(K) RETIREMENT SAVINGS PLAN is $2,088.00. 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.
133,678.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,088.00 in EMPLICITY 401(K) 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 EMPLICITY 401(K) 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’.

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, EMPLICITY 401(K) RETIREMENT SAVINGS PLAN allocates $2,240,948.00 to match its employees' contributions, providing an employer match rate of 32.92% of their contributions

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EMPLICITY 401(K) RETIREMENT SAVINGS PLAN is approximately $563.00
Investing in this additonal $563.00 for 20 years would give you extra $36,053.00, assuming a 10% annual return.

EMPLICITY 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute a percentage of their pre-tax or after-tax annual compensation, subject to current statutory limits determined annually and prescribed by the Internal Revenue Service.

2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions as a discretionary percentage of the elective contributions made to the Plan by the employee.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary and employer safe harbor contributions plus actual earnings thereon. The vesting for the remainder of their accounts is based on years of continuous service, with a vesting schedule determined by the employer.

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