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