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

How GENESEE REGIONAL BANK Supports Your Retirement Savings

GENESEE REGIONAL BANK provides retirement savings benefits through GENESEE REGIONAL BANK 401(K) PLAN AND TRUST. 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.

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

In 2024, the average participant retirement account value for GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is $108,217.00

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

In 2024, the estimated average employee contribution amount per participant for GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is $8,404.00. 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.
537,908.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,404.00 in GENESEE REGIONAL BANK 401(K) PLAN AND TRUST, assuming a 10%* annual return.

* Data are from public filings.

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

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.

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

In 2024, GENESEE REGIONAL BANK 401(K) PLAN AND TRUST allocates $651,218.00 to match its employees’ contributions, providing an employer match rate of 42.22% of their contributions

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

In 2024, the estimated average employer match for an employee in GENESEE REGIONAL BANK 401(K) PLAN AND TRUST is approximately $3,176.00
Investing in this additonal $3,176.00 for 20 years would give you extra $203,307.00, 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.

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.

GENESEE REGIONAL BANK 401(K) PLAN AND TRUST Maximum Match Calculator

This calculator helps to decide what’s the minimum contribution you have to maximize your employer match.










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:

 20242025
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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