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KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match

KARR TUTTLE CAMPBELL, P.S. provides the following retirement savings benefits to its employees:

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST is $357,387.00

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST is $8,499.00. 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.
543,943.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,499.00 in KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST, 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 KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND 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’.

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST allocates $1,492,293.00 to match its employees' contributions, providing an employer match rate of 113.65% of their contributions

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST is approximately $9,444.00
Investing in this additonal $9,444.00 for 20 years would give you extra $604,473.00, assuming a 10% annual return.

KARR TUTTLE CAMPBELL RETIREMENT SAVINGS PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of their total compensation, not to exceed the IRC maximum limits.

2. Employer Match/Contribution Conditions: The employer may make non-elective contributions which are 10.5% of defined compensation plus an additional 5.7% of compensation paid in excess of the Social Security taxable wage base, with a minimum top-heavy contribution of not less than 3% of compensation paid to all eligible participants.

3. Vesting Schedule/Eligibility: Participants are 100% vested at all times. Eligibility requires completion of 60 days of continuous employment for salaried employees, while non-elective employer contributions require two years of service (defined as 1,000 hours of service).

4. Allows Roth 401(k) contributions.

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