EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Contribution & Employer Match

EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Contribution & Employer Match

SERVCO PACIFIC INC. provides the following retirement savings benefits to its employees:

EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES is $120,776.00

EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES is $5,649.00. 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.
361,598.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,649.00 in EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES, 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 RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES

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 RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Total Employer Contribution and Match Rate

In 2023, EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES allocates $4,542,778.00 to match its employees' contributions, providing an employer match rate of 49.57% of their contributions

EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES is approximately $2,713.00
Investing in this additonal $2,713.00 for 20 years would give you extra $173,678.00, assuming a 10% annual return.

EMPLOYEES PROFIT SHARING RETIREMENT PLAN OF SERVCO PACIFIC INC. AND SUBSIDIARIES Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation. Eligible employees are automatically enrolled at a pre-tax contribution rate of 6% of eligible compensation per pay period.

2. Employer Match/Contribution Conditions: The Company matches 50% of elective deferrals up to 6% of eligible compensation. Employer matching contributions are subject to a true-up calculation as if calculated on an annual basis. Additionally, the Company may make an additional employer matching contribution or a discretionary non-elective employer contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferrals and non-elective contributions, plus actual earnings. Vesting in employer matching contributions and additional employer matching contributions is based on years of continuous service. A participant is fully vested after completion of three years of service with at least 1,000 hours in each year, attainment of normal retirement age of 65, or termination by death or permanent disability.

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