FREEDOMREWARDS 401(K) PLAN Contribution & Employer Match
FREEDOMREWARDS 401(K) PLAN Contribution & Employer Match
CWGS GROUP, LLC provides the following retirement savings benefits to its employees:
FREEDOMREWARDS 401(K) PLAN Average Participant Retirement Account Value
FREEDOMREWARDS 401(K) PLAN Estimated Average Employee Contribution Amount
197,606.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,087.00 in FREEDOMREWARDS 401(K) PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 FREEDOMREWARDS 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’.
FREEDOMREWARDS 401(K) PLAN Total Employer Contribution and Match Rate
FREEDOMREWARDS 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $158.00 for 20 years would give you extra $10,127.00, assuming a 10% annual return.
FREEDOMREWARDS 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants can contribute between 1% and 75% of their compensation during the Plan year.
2. Employer Match/Contribution Conditions: The Company may make a matching contribution at its discretion. To be eligible for the discretionary matching contribution, the employee must be working for the Company on the last day of the Plan Year, have one year of service, and make less than $150,000 gross per year.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and rollovers plus actual earnings thereon. Employees acquire a vested interest in a percentage of their account attributable to the Company's contributions starting at 20% after two years, fully vested after six years of service.
4. Roth 401(k) Contribution: The Plan allows participants to direct after-tax contributions into a Roth 401(k) account.
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