FIRST RESERVE SAVINGS PLAN Contribution & Employer Match
FIRST RESERVE SAVINGS PLAN Contribution & Employer Match
FIRST RESERVE CORPORATION, LLC provides the following retirement savings benefits to its employees:
FIRST RESERVE SAVINGS PLAN Average Participant Retirement Account Value
FIRST RESERVE SAVINGS PLAN Estimated Average Employee Contribution Amount
269,390.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,209.00 in FIRST RESERVE 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 FIRST RESERVE 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’.
FIRST RESERVE SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: The amount an employee may contribute is limited to the maximum amount as permitted under the Internal Revenue Service (“IRS”).
2. Employer Match/Contribution Conditions: Employer contributions to the Plan are entirely discretionary, including the discretion to forego a contribution for one or more Plan years. An allocation will be made to each participant’s account in the ratio that each participant’s eligible compensation bears to the total eligible compensation of all eligible participants if a contribution is made.
3. Vesting Schedule/Eligibility: The vesting provisions of the Plan provide for immediate 100% vesting of the value of the Plan Sponsor contributions. Participants are immediately vested in their contributions. Eligibility requires employees to be at least age 21 and to complete three months of service.
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