GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Contribution & Employer Match

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Contribution & Employer Match

GCR ACQUISITION COMPANY, LLC. provides the following retirement savings benefits to its employees:

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN is $59,376.00

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN is $5,575.00. 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.
356,843.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,575.00 in GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS 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 GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS 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’.

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Total Employer Contribution and Match Rate

In 2023, GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN allocates $605,732.00 to match its employees' contributions, providing an employer match rate of 27.93% of their contributions

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN is approximately $1,484.00
Investing in this additonal $1,484.00 for 20 years would give you extra $95,016.00, assuming a 10% annual return.

GCR ACQUISITION COMPANY, LLC DBA CIVIX 401(K) AND PS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 90% of each year’s compensation.

2. Employer Match/Contribution Conditions: The employer matches 2.50% of the eligible contributions made by each eligible participant during the contribution period.

3. Vesting Schedule/Eligibility: Employees are vested in their voluntary contributions immediately; employer match contributions are vested at 100% upon entry into the Plan effective April 1, 2021, with a prior graduated vesting schedule allowing full vesting after three years of service. Eligibility requires one month of service and no minimum hours of service.

4. It allows Roth 401(k) contributions.

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