FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Contribution & Employer Match

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Contribution & Employer Match

FEDERAL HOME LOAN BANK OF ATLANTA provides the following retirement savings benefits to its employees:

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN is $318,428.00

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN is $9,712.00. 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.
621,586.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,712.00 in FEDERAL HOME LOAN BANK OF ATLANTA 401(K) 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 FEDERAL HOME LOAN BANK OF ATLANTA 401(K) 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’.

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN allocates $3,468,608.00 to match its employees' contributions, providing an employer match rate of 78.75% of their contributions

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN is approximately $7,524.00
Investing in this additonal $7,524.00 for 20 years would give you extra $481,542.00, assuming a 10% annual return.

FEDERAL HOME LOAN BANK OF ATLANTA 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to make pre-tax and/or Roth contributions to the Plan between 1% to 40% of eligible compensation.

2. Employer Match/Contribution Conditions: The Plan made matching contributions of 100% of a participant’s contribution to the Plan, not to exceed 6% of the participant's eligible compensation. Additionally, there is a profit-sharing contribution of 4% of eligible compensation for employees hired on or after March 1, 2011.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions, plus actual earnings thereon. The employer's matching and profit-sharing contributions become fully vested after two years of service.

4. It allows Roth 401(k) contribution.

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