FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Contribution & Employer Match
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Contribution & Employer Match
THE FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY provides the following retirement savings benefits to its employees:
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Average Participant Retirement Account Value
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Estimated Average Employee Contribution Amount
166,219.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,597.00 in FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION 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 FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION 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’.
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Total Employer Contribution and Match Rate
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Estimated Average Employer Match
Investing in this additonal $2,913.00 for 20 years would give you extra $186,435.00, assuming a 10% annual return.
FEDERATION OF AMERICAN SOCIETIES FOR EXPERIMENTAL BIOLOGY DEFINED CONTRIBUTION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a mandatory pre-tax contribution of 2.5% of their base salary upon attaining age 30 and completing two years of service. Additional voluntary contributions can be made as a portion of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The Federation makes a matching contribution of 10% of the employee’s base salary. This employer match applies to both voluntary and mandatory employee contributions. To be eligible, the employee must complete three months of service and meet the minimal hours requirement of 1,000 hours or more per year.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions, employer match, and actual earnings. There are no specific years of service or hours worked required for vesting.
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