HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

HUB PARKING TECHNOLOGY USA, INC. provides the following retirement savings benefits to its employees:

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN is $67,192.00

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN is $4,671.00. 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.
298,952.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,671.00 in HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING 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 HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING 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’.

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN allocates $201,771.00 to match its employees' contributions, providing an employer match rate of 23.73% of their contributions

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN is approximately $1,133.00
Investing in this additonal $1,133.00 for 20 years would give you extra $72,546.00, assuming a 10% annual return.

HUB PARKING TECHNOLOGY USA, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of their compensation on a pretax or Roth 401(k) basis, with automatic enrollment at a 3% deferral rate for those hired after June 1, 2018, and a 4% deferral rate for those hired before that date.

2. Employer Match/Contribution Conditions: The employer matches 50% of the participant’s elective deferral contribution up to 6% of the participant’s compensation, after completion of one year of service and at least 1,000 service hours.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their own contributions and rollover contributions at all times. They become 100% vested in the employer's matching and profit-sharing contributions after one year of credited service.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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