FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Contribution & Employer Match

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Contribution & Employer Match

FOX VALLEY FIRE & SAFETY CO., INC. provides the following retirement savings benefits to its employees:

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN is $64,947.00

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN is $4,345.00. 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.
278,136.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,345.00 in FOX VALLEY FIRE & SAFETY CO., 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 FOX VALLEY FIRE & SAFETY CO., 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’.

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN allocates $600,973.00 to match its employees' contributions, providing an employer match rate of 32.01% of their contributions

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN is approximately $1,365.00
Investing in this additonal $1,365.00 for 20 years would give you extra $87,414.00, assuming a 10% annual return.

FOX VALLEY FIRE & SAFETY CO., INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute a percentage of their annual compensation, up to the annual maximum allowed by the IRS.

2. Employer Match/Contribution Conditions: The Plan Sponsor matches 50% of the first 6% of eligible compensation that a participant contributes to the Plan. The Plan Sponsor may also contribute an additional amount at the discretion of the Board of Directors.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their voluntary contributions plus actual earnings. Vesting in the Plan Sponsor's contributions is based on years of continuous service, vesting at a rate of 20% per year beginning with the second year of service, and becoming fully vested after six years of service. Participants are considered to have completed one year of service for vesting purposes upon completing 1,000 hours of service within 12 consecutive months.

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