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J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Contribution & Employer Match

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Contribution & Employer Match

PENNEY OPCO, LLC provides the following retirement savings benefits to its employees:

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN is $31,095.00

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN is $993.00. 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.
63,556.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 993.00 in J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN, 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 J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) 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’.

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN allocates $32,448,000.00 to match its employees' contributions, providing an employer match rate of 56.76% of their contributions

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN is approximately $490.00
Investing in this additonal $490.00 for 20 years would give you extra $31,419.00, assuming a 10% annual return.

J. C. PENNEY CORPORATION, INC. SAFE HARBOR 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: From 1% to 50% of their eligible pay.

2. Employer Match/Contribution Conditions: The employer matches $1.00 for every dollar deposited of the first 5% of eligible pay. Participants eligible for matching contributions may also receive a year-end true-up contribution.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. All company contributions are 100% vested upon deposit. Eligibility for matching contributions requires completion of 1,000 hours of service.

4. The plan allows Roth 401(k) contributions.

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