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HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Contribution & Employer Match

HYUNDAI MOTOR AMERICA provides the following retirement savings benefits to its employees:

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN is $240,752.00

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN is $12,464.00. 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.
797,706.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,464.00 in HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT 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 HYUNDAI MOTOR AMERICA PROFIT SHARING 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’.

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN allocates $9,053,459.00 to match its employees' contributions, providing an employer match rate of 65.82% of their contributions

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN is approximately $7,451.00
Investing in this additonal $7,451.00 for 20 years would give you extra $476,890.00, assuming a 10% annual return.

HYUNDAI MOTOR AMERICA PROFIT SHARING RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may make contributions to the Plan of up to 75% of their eligible annual compensation.

2. Employer Match/Contribution Conditions: The Company makes a matching contribution equal to 66% of the employee's elective contributions, not to exceed 4% of the employee's compensation. Certain participants receive enhanced Company contributions after one year of service.

3. Vesting Schedule/Eligibility: Vesting in the Company contribution portion is based on years of service at a rate of 25% per year, with 100% vesting after four years of service, provided the participant has worked at least 1,000 hours per calendar year. A participant is also 100% vested upon death, disability, or retirement.

4. Roth 401(k) Contribution: The Plan permits Roth contributions and in-Plan Roth rollovers.

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