FCL BUILDERS, LLC 401(K) PLAN Contribution & Employer Match
FCL BUILDERS, LLC 401(K) PLAN Contribution & Employer Match
FCL BUILDERS, LLC provides the following retirement savings benefits to its employees:
FCL BUILDERS, LLC 401(K) PLAN Average Participant Retirement Account Value
FCL BUILDERS, LLC 401(K) PLAN Estimated Average Employee Contribution Amount
597,640.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,338.00 in FCL BUILDERS, LLC 401(K) 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 FCL BUILDERS, LLC 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’.
FCL BUILDERS, LLC 401(K) PLAN Total Employer Contribution and Match Rate
FCL BUILDERS, LLC 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,158.00 for 20 years would give you extra $74,155.00, assuming a 10% annual return.
FCL BUILDERS, LLC 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their compensation as pre-tax 401(k) or Roth contributions; the default auto-enrollment rate is set at 3% of eligible compensation, which can be increased up to a maximum percentage of 10%.
2. Employer Match/Contribution Conditions: The Employer matches 25% of the first 6% of eligible compensation deferred by a participant.
3. Vesting Schedule/Eligibility: Participants are 20% vested after one year of credited service, increasing 20% for each subsequent year until they are 100% vested after five years. For employees hired before October 1, 2020, they are 50% vested after two years and 100% vested after three years.
4. Roth 401(k) Contribution: The plan allows Roth contributions.
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