FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Contribution & Employer Match

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Contribution & Employer Match

FMI CORPORATION provides the following retirement savings benefits to its employees:

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN is $225,907.00

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN is $9,486.00. 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.
607,110.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,486.00 in FMI CORPORATION RETIREMENT SAVINGS 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 FMI CORPORATION RETIREMENT SAVINGS 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’.

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN allocates $2,788,557.00 to match its employees' contributions, providing an employer match rate of 128.09% of their contributions

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN is approximately $11,381.00
Investing in this additonal $11,381.00 for 20 years would give you extra $728,439.00, assuming a 10% annual return.

FMI CORPORATION RETIREMENT SAVINGS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute a percentage of their base pay on a pre-tax and/or post-tax basis up to the maximum contribution allowable under the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The Company made a qualified non-elective contribution of 5% of each employee's annual eligible compensation and a discretionary contribution of 5% of eligible compensation. To receive the additional discretionary contribution, a participant must also be employed on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are fully vested in their entire account balance immediately upon entry into the Plan. Employees are eligible to participate if they are at least twenty-one years of age and have completed one year of service during which 1,000 hours or more of service have been performed.

4. Roth 401(k) Contribution: The text does not provide information regarding Roth 401(k) contributions.

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