HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

HUMAN RESOURCES, INC. provides the following retirement savings benefits to its employees:

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN is $44,733.00

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN is $3,427.00. 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.
219,366.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,427.00 in HUMAN RESOURCES, INC. RETIREMENT SAVINGS 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 HUMAN RESOURCES, INC. 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’.

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN allocates $4,560,777.00 to match its employees' contributions, providing an employer match rate of 79.65% of their contributions

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN is approximately $2,595.00
Investing in this additonal $2,595.00 for 20 years would give you extra $166,129.00, assuming a 10% annual return.

HUMAN RESOURCES, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute from 1% to 98% of their pre-tax compensation, after-tax compensation (Roth contribution), or any combination thereof, up to a maximum of $20,500 for the year ended December 31, 2022.

2. Employer Match/Contribution Conditions: The match, if any, will be a specified percentage of the elective contributions the employee makes to the Plan. The Employers will determine the amount of the discretionary contributions each Plan year.

3. Vesting Schedule/Eligibility: Each adopting employer selects among three options for vesting of employer contributions: 20% vested after two years of service and 20% for each additional year; not vested until after three years of service at which time the contributions are 100% vested; or full and immediate vesting. To have a year of service for vesting purposes, employees must complete at least 1,000 hours of service during the Plan calendar year.

4. Roth 401(k) Contribution: Yes, the plan allows for after-tax compensation (Roth contribution).

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