FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

FLORIDA CRYSTALS CORPORATION provides the following retirement savings benefits to its employees:

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN is $44,644.00

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN is $3,470.00. 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.
222,095.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,470.00 in FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT 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 FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT 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’.

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2022, FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN allocates $4,123,582.00 to match its employees' contributions, providing an employer match rate of 105.91% of their contributions

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN is approximately $3,539.00
Investing in this additonal $3,539.00 for 20 years would give you extra $226,531.00, assuming a 10% annual return.

FLORIDA CRYSTALS CORPORATION SAVINGS AND INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of annual compensation, with up to 20% allowed as after-tax contributions after contributing at least 7% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 50% of the participant's contributions up to a maximum contribution amount eligible to be matched of 7% of compensation.

3. Vesting Schedule/Eligibility: Vesting in the employer's matching contributions occurs after one year of service. Vesting in the employer's non-elective contributions occurs after three years of service. Participants are immediately vested in their own contributions and earnings.

4. Roth 401(k) Contribution: Yes, the Plan allows for after-tax contributions.

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