JOYSON SAFETY SYSTEMS 401(K) PLAN Contribution & Employer Match

JOYSON SAFETY SYSTEMS 401(K) PLAN Contribution & Employer Match

JOYSON SAFETY SYSTEMS ACQUISITIONS, LLC provides the following retirement savings benefits to its employees:

JOYSON SAFETY SYSTEMS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for JOYSON SAFETY SYSTEMS 401(K) PLAN is $142,833.00

JOYSON SAFETY SYSTEMS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for JOYSON SAFETY SYSTEMS 401(K) PLAN is $3,364.00. 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.
215,327.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,364.00 in JOYSON SAFETY SYSTEMS 401(K) 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 JOYSON SAFETY SYSTEMS 401(K) 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’.

JOYSON SAFETY SYSTEMS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, JOYSON SAFETY SYSTEMS 401(K) PLAN allocates $3,206,867.00 to match its employees' contributions, providing an employer match rate of 39.78% of their contributions

JOYSON SAFETY SYSTEMS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in JOYSON SAFETY SYSTEMS 401(K) PLAN is approximately $1,442.00
Investing in this additonal $1,442.00 for 20 years would give you extra $92,325.00, assuming a 10% annual return.

JOYSON SAFETY SYSTEMS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 75% of eligible compensation.

2. Employer Match/Contribution Conditions: The Employer will contribute a safe harbor matching contribution to eligible participants. Additionally, the Employer may make a qualified non-elective contribution and a discretionary non-elective contribution up to the limit determined by the Employer.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their voluntary contributions, catch-up contributions, rollover contributions, and any qualified non-elective Employer contribution. Participants vest in safe harbor contributions 50% after one year of credited service and 100% after two years of credited service. Participants vest in discretionary non-elective contributions 25% after one year, 50% after two years, and 100% after three years of credited service. Eligibility requires completion of 30 days of service.

4. It does allow Roth 401(k) contributions.

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