GUNVOR USA, LLC 401(K) PLAN Contribution & Employer Match

GUNVOR USA, LLC 401(K) PLAN Contribution & Employer Match

GUNVOR USA, LLC provides the following retirement savings benefits to its employees:

GUNVOR USA, LLC 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GUNVOR USA, LLC 401(K) PLAN is $115,612.00

GUNVOR USA, LLC 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GUNVOR USA, LLC 401(K) PLAN is $13,527.00. 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.
865,742.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,527.00 in GUNVOR USA, LLC 401(K) PLAN, 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 GUNVOR USA, LLC 401(K) 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’.

GUNVOR USA, LLC 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, GUNVOR USA, LLC 401(K) PLAN allocates $1,734,129.00 to match its employees' contributions, providing an employer match rate of 72.22% of their contributions

GUNVOR USA, LLC 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GUNVOR USA, LLC 401(K) PLAN is approximately $8,670.00
Investing in this additonal $8,670.00 for 20 years would give you extra $554,921.00, assuming a 10% annual return.

GUNVOR USA, LLC 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their eligible compensation up to the maximum amount allowed for deferral under the Internal Revenue Code ("IRC"). Eligible participants are automatically enrolled at 6% of their eligible compensation unless a contrary election is made.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant contributions up to 6% of each participant's eligible compensation.

3. Vesting Schedule/Eligibility: Employees are immediately and fully vested in their voluntary contributions and employer contributions (safe harbor and discretionary profit sharing contributions) plus actual earnings (losses). Employees are eligible to participate in the plan upon the date of hire with no age or service requirement.

4. Roth 401(k) Contribution: Participants may designate all or a portion of their elective deferrals as Roth elective deferrals.

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