ICANN RETIREMENT SAVINGS PLAN Contribution & Employer Match
ICANN RETIREMENT SAVINGS PLAN Contribution & Employer Match
INTERNET CORPORATION FOR ASSIGNED NAMES & NUMBERS provides the following retirement savings benefits to its employees:
ICANN RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
ICANN RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
883,681.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,807.00 in ICANN RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 ICANN 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’.
ICANN RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
ICANN RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $18,780.00 for 20 years would give you extra $1,201,930.00, assuming a 10% annual return.
ICANN RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75 percent of pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first 10 percent of deferred compensation and contributes an additional 5 percent of annual compensation.
3. Vesting Schedule/Eligibility: All contributions and related earnings credited to participants' accounts are fully vested immediately upon entering the Plan. Part-time and temporary employees must complete one year of service with 1,000 hours to be eligible.
4. Roth 401(k) contribution: The text does not specify this.
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