INNOVANCE, INC. 401(K) PLAN Contribution & Employer Match

How INNOVANCE, INC. Supports Your Retirement Savings

INNOVANCE, INC. provides retirement savings benefits through INNOVANCE, INC. 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

INNOVANCE, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for INNOVANCE, INC. 401(K) PLAN is $75,540.00

INNOVANCE, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for INNOVANCE, INC. 401(K) PLAN is $3,069.00. 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.
196,449.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,069.00 in INNOVANCE, INC. 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in INNOVANCE, INC. 401(K) PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

INNOVANCE, INC. 401(K) PLAN Contribution & Match Policy

INNOVANCE, INC. 401(K) PLAN Plan Policies

INNOVANCE, INC. 401(K) PLAN Contribution, Match and Other Plan Policies

  • Participants are thereby permitted to elect to have a percentage, up to 100%, of their compensation contributed as pre-tax 401(k) and after-tax Roth contributions to the Plan.
  • The Plan has an automatic enrollment feature whereby the Plan administrator will automatically withhold 3% as a pre-tax 401(k) contribution, unless otherwise elected by the participant.
  • Effective April 1, 2023, the Plan was amended to include an automatic deferral increase, of 1% up to 10%.
  • The Plan allows participants age 50 or older to make catch-up contributions.
  • The Plan also includes provisions for an Employer discretionary matching contribution and nonelective contribution.
  • Allocation requirements for these Employer discretionary contributions are defined in the Plan.
  • There were no Employer discretionary contributions during 2024 and 2023.
  • A participant is always 100% vested in the salary reduction deferral contributions and rollover portion of their account balance.
  • If a participant’s employment is terminated for reasons of death, attainment of normal retirement age, or total and permanent disability, the participant is 100% vested in the Employer portion of the account.
  • Upon termination for any other reason, vesting is graded based on the completion of years of service.
  • A year of service is earned by the participant upon completion of 1,000 hours during the Plan year.
  • Participants become 100% vested in the Employer portion of their account after six years of credited service.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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