FLSMIDTH 401(K) PLAN TRUST Contribution & Employer Match

FLSMIDTH 401(K) PLAN TRUST Contribution & Employer Match

FLSMIDTH INC. provides the following retirement savings benefits to its employees:

FLSMIDTH 401(K) PLAN TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FLSMIDTH 401(K) PLAN TRUST is $137,388.00

FLSMIDTH 401(K) PLAN TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FLSMIDTH 401(K) PLAN TRUST is $5,301.00. 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.
339,302.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,301.00 in FLSMIDTH 401(K) PLAN TRUST, 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 FLSMIDTH 401(K) PLAN TRUST

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’.

FLSMIDTH 401(K) PLAN TRUST Total Employer Contribution and Match Rate

In 2023, FLSMIDTH 401(K) PLAN TRUST allocates $6,751,036.00 to match its employees' contributions, providing an employer match rate of 52.31% of their contributions

FLSMIDTH 401(K) PLAN TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FLSMIDTH 401(K) PLAN TRUST is approximately $2,718.00
Investing in this additonal $2,718.00 for 20 years would give you extra $174,009.00, assuming a 10% annual return.

FLSMIDTH 401(K) PLAN TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute between 1% and 50% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 4% contributed by the participant and 50% of the next 2%. For participants employed by FLS Automation Inc. after June 30, 2004, the employer matches 100% of the first 6% contributed.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer matching contributions. Participants vest 100% in all prior and future years’ employer discretionary contributions upon 3 years of continuous service from the date of hire.

4. Roth 401(k) Contribution: The plan allows designated Roth deferral contributions.

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