LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Contribution & Employer Match
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Contribution & Employer Match
LEA & ELLIOTT, INC. provides the following retirement savings benefits to its employees:
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Average Participant Retirement Account Value
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Estimated Average Employee Contribution Amount
739,899.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,560.00 in LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN, assuming a 10%* annual return.
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 LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K 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’.
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Total Employer Contribution and Match Rate
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Estimated Average Employer Match
Investing in this additonal $7,245.00 for 20 years would give you extra $463,701.00, assuming a 10% annual return.
LEA & ELLIOTT, INC. EMPLOYEES' PROFIT SHARING 401K PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 60 percent of their annual compensation.
2. Employer Match/Contribution Conditions: The employer makes matching contributions of 100 percent of the first one percent of eligible compensation deferred and 50 percent on the next five percent of eligible compensation deferred.
3. Vesting Schedule/Eligibility: Employer nondiscretionary matching contributions become fully vested after two years of service. Employer discretionary contributions become twenty percent vested after two years of service, with an additional twenty percent vesting for each year of service over the next four years. In the event of death, disability, or attainment of normal retirement with 5 years of service, the participant becomes fully vested in all employer contributions.
4. Roth 401(k) contribution: The Plan allows for Roth elective deferrals.
Recent Articles
- How to Take Advantage of Your ESPP (Employer Stock Purchase Plan)
- June 2025 MyPlanIQ Portfolio Update
- How to Benefit from Your ESPP (Employer Stock Purchase Plan)
- Simple 401(k) Investment Guide
- Why Actively Managed Bond Funds Outperform Index Funds More Often Than Stocks
- Income Growth, Historical 401(k) Contribution Limit Data
- How Much Should I Save for Retirement By Age? A Realistic Reference
- Historical Year-by-Year Annual 401(k) Contribution Limits
- Year-by-Year Income Levels in the U.S.
Free newsletters
High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more ...
Puzzled on what to invest?
- We ask a few questions to decide your personal return and risk expectations
- We build a custom portfolio for your plan (401(k), 403(b), 529 ...) or for a brokerage account
- We monitor and send timely rebalance emails on what investment funds to buy and sell
Looking for ideas to generate income?
- ETF or mutual fund income portfolios for 4-7% annual income
- Dividend stock funds
- Passive real estate investments
- more ...
Portfolio Calculator (Simulator)
Customize Asset Allocation Portfolios
Retirement Calculator
Investment Calculator
Looking for a (forgotten) 401(k)?
Find plan contact info, plan expenses, investment options, rollover your old plan, or learn how to select investments on your 401k plan ...