GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match
GEORGIA-PACIFIC LLC provides the following retirement savings benefits to its employees:
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
408,328.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,380.00 in GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS 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’.
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $5,035.00 for 20 years would give you extra $322,281.00, assuming a 10% annual return.
GEORGIA-PACIFIC LLC 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of their eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of participant contributions for the first 3% of compensation and 50% of participant contributions on the next 5% of compensation, up to a maximum of 8% of compensation.
3. Vesting Schedule/Eligibility: Employer contributions become 100% vested upon completion of three years of service or upon attainment of age 59½, death, or disability while employed.
4. Roth 401(k) contribution: The plan allows Roth post-tax contributions.
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