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FLEENOR COMPANY, INC. 401(K) PLAN Contribution & Employer Match

FLEENOR COMPANY, INC. 401(K) PLAN Contribution & Employer Match

FLEENOR COMPANY, INC. provides the following retirement savings benefits to its employees:

FLEENOR COMPANY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FLEENOR COMPANY, INC. 401(K) PLAN is $43,524.00

FLEENOR COMPANY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FLEENOR COMPANY, INC. 401(K) PLAN is $2,001.00. 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.
128,103.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,001.00 in FLEENOR COMPANY, INC. 401(K) 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 FLEENOR COMPANY, INC. 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’.

FLEENOR COMPANY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FLEENOR COMPANY, INC. 401(K) PLAN allocates $267,156.00 to match its employees' contributions, providing an employer match rate of 53.18% of their contributions

FLEENOR COMPANY, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FLEENOR COMPANY, INC. 401(K) PLAN is approximately $1,043.00
Investing in this additonal $1,043.00 for 20 years would give you extra $66,789.00, assuming a 10% annual return.

FLEENOR COMPANY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute an amount of eligible pre-tax annual compensation as defined in the Plan agreement, not to exceed the maximum statutory amount.

2. Employer Match/Contribution Conditions: The employer matches 100% of a participant’s contribution up to 4% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions, rollover amounts, and safe harbor matching contributions. Vesting in the discretionary matching contributions and discretionary non-elective contributions is based on years of credited service at the rate of 20% per year, with full vesting after five years. Participants become fully vested in the event of death, disability, retirement age, or plan termination.

4. Roth 401(k) Contribution: ROTH deferral contributions are not permitted.

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