IH ENGINEERS 401(K) TRUST Contribution & Employer Match
IH ENGINEERS 401(K) TRUST Contribution & Employer Match
IH ENGINEERS, PC provides the following retirement savings benefits to its employees:
IH ENGINEERS 401(K) TRUST Average Participant Retirement Account Value
IH ENGINEERS 401(K) TRUST Estimated Average Employee Contribution Amount
482,063.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,532.00 in IH ENGINEERS 401(K) TRUST, 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 IH ENGINEERS 401(K) TRUST
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’.
IH ENGINEERS 401(K) TRUST Total Employer Contribution and Match Rate
IH ENGINEERS 401(K) TRUST Estimated Average Employer Match
Investing in this additonal $2,710.00 for 20 years would give you extra $173,466.00, assuming a 10% annual return.
IH ENGINEERS 401(K) TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 90% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of the employees’ elected deferrals up to the first 4% of compensation contributed to the plan. To receive the discretionary match, participants must complete 1,000 hours of service in the plan year.
3. Vesting Schedule/Eligibility: Participants are immediately and fully vested in their contributions and the Company’s safe harbor contributions. Vesting in the Company’s discretionary contributions is based on years of service, with 100% vesting after 5 years of credited service.
4. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals as allowed by the IRC.
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