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LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

LAFAYETTE ENGINEERING, INC. provides the following retirement savings benefits to its employees:

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN is $106,845.00

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN is $7,183.00. 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.
459,770.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,183.00 in LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING 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 LAFAYETTE ENGINEERING, 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’.

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN allocates $736,895.00 to match its employees' contributions, providing an employer match rate of 63.91% of their contributions

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN is approximately $4,004.00
Investing in this additonal $4,004.00 for 20 years would give you extra $256,311.00, assuming a 10% annual return.

LAFAYETTE ENGINEERING, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100 percent of pretax annual compensation up to a maximum of $20,500 ($27,000 for age 50 and older) for the 2022 plan year.

2. Employer Match/Contribution Conditions: The employer matches 100% of employee contributions that do not exceed 5% of compensation.

3. Vesting Schedule/Eligibility: Contributions made by the Company to participants' accounts are immediately 100 percent vested. Participants are immediately vested in their accounts for all contributions.

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