GREYSTONE 401(K) SAVINGS PLAN Contribution & Employer Match
GREYSTONE 401(K) SAVINGS PLAN Contribution & Employer Match
GREYSTONE SELECT INCORPORATED provides the following retirement savings benefits to its employees:
GREYSTONE 401(K) SAVINGS PLAN Average Participant Retirement Account Value
GREYSTONE 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
396,465.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,194.00 in GREYSTONE 401(K) 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 GREYSTONE 401(K) 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’.
GREYSTONE 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate
GREYSTONE 401(K) SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,207.00 for 20 years would give you extra $205,255.00, assuming a 10% annual return.
GREYSTONE 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: A percentage of their eligible salary, as defined, each payroll period (specific percentage not stated in the text).
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of the participant’s compensation and 50% of the next 2% deferred to the plan, subject to IRC rules and limitations.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary employee contributions and safe-harbor contributions. Vesting in the employer’s discretionary contributions is based on years of continuous service: 0 years = 0% vested; 1 year = 100% vested.
4. Roth 401(k) contributions are allowed.
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