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EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Contribution & Employer Match

EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Contribution & Employer Match

WOODS ROGERS VANDEVENTER BLACK PLC provides the following retirement savings benefits to its employees:

EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC is $5,373.00. 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.
343,914.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,373.00 in EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC, 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 EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC

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’.

EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Total Employer Contribution and Match Rate

In 2023, EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC allocates $236,495.00 to match its employees' contributions, providing an employer match rate of 24.38% of their contributions

EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC is approximately $1,306.00
Investing in this additonal $1,306.00 for 20 years would give you extra $83,622.00, assuming a 10% annual return.

EMPLOYEES' PROFIT SHARING PLAN OF WOODS ROGERS PLC Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80% of their eligible compensation, not to exceed the allowable amount under Section 402(g) of the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 50% of the participant’s contribution or 4% of the participant’s eligible compensation, whichever is less.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. Vesting in the employer's matching and profit-sharing contributions occurs based on years of continuous service, with 100% vesting after six years of credited service.

4. Roth 401(k) Contribution: The Plan allows Roth 401(k) contributions.

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