FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Contribution & Employer Match

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Contribution & Employer Match

FUELCELL ENERGY, INC. provides the following retirement savings benefits to its employees:

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN is $111,641.00

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN is $7,506.00. 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.
480,412.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,506.00 in FUELCELL ENERGY INC. CAPITAL ACCUMULATION 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 FUELCELL ENERGY INC. CAPITAL ACCUMULATION 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’.

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Total Employer Contribution and Match Rate

In 2023, FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN allocates $1,240,294.00 to match its employees' contributions, providing an employer match rate of 28.69% of their contributions

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN is approximately $1,870.00
Investing in this additonal $1,870.00 for 20 years would give you extra $119,726.00, assuming a 10% annual return.

FUELCELL ENERGY INC. CAPITAL ACCUMULATION PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to 50% of their base pay on a pre-tax basis.

2. Employer Match/Contribution Conditions: The employer matches 25% of the first 8% of employee salary deferrals, provided that the employee contributes a minimum of 2% of eligible earnings. (Note: After January 1, 2023, the employer match was increased to 50% of the first 6% of employee contributions, not to exceed 3% of eligible earnings).

3. Vesting Schedule/Eligibility: Participants vest at the rate of 20% per year of service and are 100% vested after five years of service. As of May 1, 2023, the vesting schedule for employer match contributions is 33% per year of service, becoming 100% vested after 3 years of service. Immediate vesting for employees' own contributions.

4. Roth 401(k) Contribution: The plan allows participants to designate some or all of their contributions as Roth deferral contributions.

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