FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Contribution & Employer Match

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Contribution & Employer Match

FRONTIER ELECTRONIC SYSTEMS CORP. provides the following retirement savings benefits to its employees:

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN is $178,644.00

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN is $5,211.00. 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.
333,550.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,211.00 in FRONTIER ELECTRONIC SYSTEMS CORP. 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 FRONTIER ELECTRONIC SYSTEMS CORP. 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’.

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN allocates $446,335.00 to match its employees' contributions, providing an employer match rate of 48.66% of their contributions

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN is approximately $2,565.00
Investing in this additonal $2,565.00 for 20 years would give you extra $164,169.00, assuming a 10% annual return.

FRONTIER ELECTRONIC SYSTEMS CORP. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of their total annual compensation, up to the annual limitations imposed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first three percent of eligible compensation and 50 percent of the next two percent of eligible compensation for all participants who have made contributions to the Plan. To qualify for discretionary profit-sharing contributions, the participant must earn at least 1,000 hours of service and be an employee on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and the Company's matching contributions. Participants vest in discretionary profit-sharing contributions at a rate of 20 percent per year of service and are 100 percent vested after six years of service.

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