FRIENDSHIP BANCORP 401(K) PLAN Contribution & Employer Match
How FRIENDSHIP BANCORP, INC. Supports Your Retirement Savings
FRIENDSHIP BANCORP, INC. provides retirement savings benefits through FRIENDSHIP BANCORP 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
FRIENDSHIP BANCORP 401(K) PLAN Average Participant Retirement Account Value
FRIENDSHIP BANCORP 401(K) PLAN Estimated Average Employee Contribution Amount
240,908.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,764.00 in FRIENDSHIP BANCORP 401(K) PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in FRIENDSHIP BANCORP 401(K) PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
FRIENDSHIP BANCORP 401(K) PLAN Total Employer Contribution and Match Rate
FRIENDSHIP BANCORP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,240.00 for 20 years would give you extra $79,362.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
FRIENDSHIP BANCORP 401(K) PLAN Contribution & Match Policy
FRIENDSHIP BANCORP 401(K) PLAN Contribution, Match and Other Plan Policies
- Each pay period, participants may make salary deferred contributions of their compensation up to 50% of participants’ compensation, up to the maximum allowed by law.
- Rollover and Roth contributions are also permitted.
- Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
- The Company elected to make matching contributions of 50% of participants’ deferrals on the first 6% of eligible compensation for 2024 and 2023.
- Participants are 100% vested in all accounts except the discretionary employer contribution accounts.
- Participants also become 100% vested after the age of normal retirement has been attained, or they die or become disabled while still an employee of the Company.
- Prior to normal retirement age, vesting in the remainder of their accounts is based on years of credited service in accordance with the Plan Document.
- Participants vest 20% for each year of service and become 100% vested after five years of credited service.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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