IBEW LOCAL UNION 94 ANNUITY FUND Contribution & Employer Match

IBEW LOCAL UNION 94 ANNUITY FUND Contribution & Employer Match

LOCAL UNION 94 I.B.E.W. provides the following retirement savings benefits to its employees:

IBEW LOCAL UNION 94 ANNUITY FUND Average Participant Retirement Account Value

In 2023, the average participant retirement account value for IBEW LOCAL UNION 94 ANNUITY FUND is $7,334.00

IBEW LOCAL UNION 94 ANNUITY FUND Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for IBEW LOCAL UNION 94 ANNUITY FUND is $237.00. 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.
15,230.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 237.00 in IBEW LOCAL UNION 94 ANNUITY FUND, 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 IBEW LOCAL UNION 94 ANNUITY FUND

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’.

IBEW LOCAL UNION 94 ANNUITY FUND Total Employer Contribution and Match Rate

In 2023, IBEW LOCAL UNION 94 ANNUITY FUND allocates $2,833,414.00 to match its employees' contributions, providing an employer match rate of 446.25% of their contributions

IBEW LOCAL UNION 94 ANNUITY FUND Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in IBEW LOCAL UNION 94 ANNUITY FUND is approximately $999.00
Investing in this additonal $999.00 for 20 years would give you extra $63,941.00, assuming a 10% annual return.

IBEW LOCAL UNION 94 ANNUITY FUND Contribution & Match Policy

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