KITTY HAWK CORP. 401(K) PLAN Contribution & Employer Match
KITTY HAWK CORP. 401(K) PLAN Contribution & Employer Match
KITTY HAWK CORPORATION provides the following retirement savings benefits to its employees:
KITTY HAWK CORP. 401(K) PLAN Average Participant Retirement Account Value
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 KITTY HAWK CORP. 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’.
KITTY HAWK CORP. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary subject to the annual cap on elective deferrals set by the Internal Revenue Code.
2. Employer Match/Contribution Conditions: The Plan Sponsor elected to match 40% and 50% of the participant's contributions for the years ended December 31, 2021 and 2020, respectively.
3. Vesting Schedule/Eligibility: All participant deferrals, rollovers, and Plan Sponsor contributions are always 100% vested. Eligibility requires employees to be at least twenty-one years of age and have completed three months of service.
4. It allows Roth 401(k) contribution.
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