EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Contribution & Employer Match

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Contribution & Employer Match

EXPRESS CREDIT AUTO, LLC. provides the following retirement savings benefits to its employees:

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN is $43,200.00

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN is $2,321.00. 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.
148,589.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,321.00 in EXPRESS CREDIT AUTO SAVINGS INCENTIVE 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 EXPRESS CREDIT AUTO SAVINGS INCENTIVE 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’.

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Total Employer Contribution and Match Rate

In 2023, EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN allocates $264,624.00 to match its employees' contributions, providing an employer match rate of 61.61% of their contributions

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN is approximately $1,438.00
Investing in this additonal $1,438.00 for 20 years would give you extra $92,043.00, assuming a 10% annual return.

EXPRESS CREDIT AUTO SAVINGS INCENTIVE PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute an amount of their pretax annual compensation, as defined in the Plan, subject to certain IRC limitations.

2. Employer Match/Contribution Conditions: The Company contributes a safe harbor matching contribution equal to 100% of the first 3% of base compensation that a participant contributes to the Plan, plus 50% of the next 2% of base compensation contributed to the Plan.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and employer safe harbor matching contributions. Vesting in the Company's discretionary contribution portion is based on years of continuous service: less than 2 years = 0%, 2 years = 20%, 3 years = 40%, 4 years = 60%, 5 years = 80%, 6 or more years = 100%. Eligibility requires completion of one year of service and being 21 years of age, with a year of service defined as having 1,000 or more hours of service.

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