ENCOVA INSURANCE 401(K) PLAN Contribution & Employer Match

ENCOVA INSURANCE 401(K) PLAN Contribution & Employer Match

MOTORISTS MUTUAL INSURANCE COMPANY provides the following retirement savings benefits to its employees:

ENCOVA INSURANCE 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ENCOVA INSURANCE 401(K) PLAN is $184,790.00

ENCOVA INSURANCE 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ENCOVA INSURANCE 401(K) PLAN is $6,348.00. 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.
406,312.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,348.00 in ENCOVA INSURANCE 401(K) 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 ENCOVA INSURANCE 401(K) 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’.

ENCOVA INSURANCE 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, ENCOVA INSURANCE 401(K) PLAN allocates $7,637,279.00 to match its employees' contributions, providing an employer match rate of 69.02% of their contributions

ENCOVA INSURANCE 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ENCOVA INSURANCE 401(K) PLAN is approximately $4,603.00
Investing in this additonal $4,603.00 for 20 years would give you extra $294,626.00, assuming a 10% annual return.

ENCOVA INSURANCE 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible employees may elect to contribute a percentage of their compensation limited to the maximum allowable under the Internal Revenue Code for such plan year, with an automatic pre-tax deferral rate starting at 4% and increasing by 1% each year until it reaches 10%.

2. Employer Match/Contribution Conditions: The employer matches contributions at 100% of the first 7% of employee contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, Company matching contributions, and additional discretionary amounts contributed by the Plan. Full-time employees are immediately eligible to participate after their employment date; temporary employees, seasonal employees, and interns must complete 1,000 hours of service to become eligible.

4. Roth 401(k) Contribution: Participants may also make Roth deferral contributions.

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