ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Contribution & Employer Match

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Contribution & Employer Match

ERIE INDEMNITY COMPANY provides the following retirement savings benefits to its employees:

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN is $166,353.00

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN is $6,344.00. 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.
406,079.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,344.00 in ERIE INSURANCE GROUP EMPLOYEE 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 ERIE INSURANCE GROUP EMPLOYEE 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’.

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN allocates $18,431,716.00 to match its employees' contributions, providing an employer match rate of 42.11% of their contributions

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN is approximately $2,599.00
Investing in this additonal $2,599.00 for 20 years would give you extra $166,355.00, assuming a 10% annual return.

ERIE INSURANCE GROUP EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of their eligible compensation.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of employees’ salary deferral amounts on the first 3 percent of base pay and an additional 50 percent of employees’ salary deferral amounts from 3 percent to 5 percent of base pay.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions plus earnings thereon. Eligibility requires employees to have completed certain hours of service or years of service and be at least 21 years of age.

4. Roth 401(k) contributions are permitted.

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