EXXONMOBIL SAVINGS PLAN Contribution & Employer Match
EXXONMOBIL SAVINGS PLAN Contribution & Employer Match
EXXON MOBIL CORPORATION provides the following retirement savings benefits to its employees:
EXXONMOBIL SAVINGS PLAN Average Participant Retirement Account Value
EXXONMOBIL SAVINGS PLAN Estimated Average Employee Contribution Amount
699,624.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,931.00 in EXXONMOBIL SAVINGS PLAN, 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 EXXONMOBIL 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’.
EXXONMOBIL SAVINGS PLAN Total Employer Contribution and Match Rate
EXXONMOBIL SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $7,096.00 for 20 years would give you extra $454,167.00, assuming a 10% annual return.
EXXONMOBIL SAVINGS PLAN Contribution & Match Policy
Contributions: Participants can contribute between 6% and 20% of their eligible pay to the Plan.
Company match: The Company matches the minimum 6% contribution with an amount equal to 7% of the participant’s eligible pay. However, Company matching contributions were suspended from October 1, 2020, until they were reinstated on October 1, 2021. Participants who are 50 or older during the plan year and have maximized their regular pretax and Roth contributions can make additional contributions.
Vesting: Participants are immediately vested in their own contributions and all associated earnings. Company contributions vest at 100% after 3 years of service, upon reaching age 65 while employed, or upon death while still an employee.
Maximum Match Calculator
Enter your salary and it decides how much to contribute to get the maximum match for your pay
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