GROCERY OUTLET INC. RETIREMENT PLAN Contribution & Employer Match
GROCERY OUTLET INC. RETIREMENT PLAN Contribution & Employer Match
GROCERY OUTLET INC. provides the following retirement savings benefits to its employees:
GROCERY OUTLET INC. RETIREMENT PLAN Average Participant Retirement Account Value
GROCERY OUTLET INC. RETIREMENT PLAN Estimated Average Employee Contribution Amount
458,021.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,156.00 in GROCERY OUTLET INC. RETIREMENT 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 GROCERY OUTLET INC. RETIREMENT 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’.
GROCERY OUTLET INC. RETIREMENT PLAN Total Employer Contribution and Match Rate
GROCERY OUTLET INC. RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $11.00 for 20 years would give you extra $761.00, assuming a 10% annual return.
GROCERY OUTLET INC. RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute between 1% to 60% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of eligible compensation contributed by employees.
3. Vesting Schedule/Eligibility: Participants are 100% vested after four, six, or seven years of credited service, depending on the type of employee. Eligibility requires reaching age 18 and completing three months of service, with at least 1,000 hours worked during the Plan year, and being employed as of the last day of the Plan year.
4. Roth 401(k) Contribution: The plan allows Roth contributions utilizing after-tax contributions.
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