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GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Contribution & Employer Match

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Contribution & Employer Match

GENESEE REGIONAL BANK provides the following retirement savings benefits to its employees:

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is $88,767.00

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is $8,188.00. 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.
524,057.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,188.00 in GENESEE REGIONAL BANK 401(K) PLAN AND TRUST, 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 GENESEE REGIONAL BANK 401(K) PLAN AND TRUST

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’.

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, GENESEE REGIONAL BANK 401(K) PLAN AND TRUST allocates $594,690.00 to match its employees' contributions, providing an employer match rate of 39.47% of their contributions

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is approximately $2,886.00
Investing in this additonal $2,886.00 for 20 years would give you extra $184,758.00, assuming a 10% annual return.

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute a portion of their compensation, subject to IRS limitations, with an automatic enrollment deferral percentage of 5%, increasing to a maximum of 10%.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of eligible compensation, and 50% of the next 2% of eligible compensation. The employer may also make a discretionary matching contribution limited to 4% of eligible compensation contributions.

3. Vesting Schedule/Eligibility: Employer contributions are immediately vested for safe harbor matching contributions. For discretionary employer contributions, participants vest at a rate of 20% per year of service and are 100% vested after five years of service. Eligibility requires completion of three months of service and attainment of age 21.

4. It allows Roth 401(k) contribution.

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