ITECH US, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
ITECH US, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match
ITECH US, INC. provides the following retirement savings benefits to its employees:
ITECH US, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
ITECH US, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
183,986.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,874.00 in ITECH US, INC. 401(K) PROFIT SHARING 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 ITECH US, INC. 401(K) PROFIT SHARING 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’.
ITECH US, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation on a pre-tax basis, subject to IRC limitations.
2. Employer Match/Contribution Conditions: The Employer matches 100% of participant contributions, up to a maximum of 1% of compensation.
3. Vesting Schedule/Eligibility: Participants become 100% vested in Company contributions upon death, total and permanent disability, or attainment of normal retirement age. Otherwise, vesting in Company contributions occurs over a schedule of years of service: 0% vested after less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 or more years. Eligibility for profit-sharing contributions requires completion of 500 hours of service or employment on the last day of the plan year.
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