LG ELECTRONICS RETIREMENT PLAN Contribution & Employer Match

LG ELECTRONICS RETIREMENT PLAN Contribution & Employer Match

LG ELECTRONICS USA, INC. provides the following retirement savings benefits to its employees:

LG ELECTRONICS RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LG ELECTRONICS RETIREMENT PLAN is $92,180.00

LG ELECTRONICS RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LG ELECTRONICS RETIREMENT PLAN is $6,010.00. 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.
384,679.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,010.00 in LG ELECTRONICS RETIREMENT 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 LG ELECTRONICS RETIREMENT 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’.

LG ELECTRONICS RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, LG ELECTRONICS RETIREMENT PLAN allocates $10,994,389.00 to match its employees' contributions, providing an employer match rate of 44.27% of their contributions

LG ELECTRONICS RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LG ELECTRONICS RETIREMENT PLAN is approximately $2,642.00
Investing in this additonal $2,642.00 for 20 years would give you extra $169,103.00, assuming a 10% annual return.

LG ELECTRONICS RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 100 percent of annual compensation, subject to maximum tax-deferred limitations established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: Employer safe harbor matching contributions are equal to 100 percent of the first 3 percent of each participant's deferral contribution and 50 percent of the next 2 percent of a participant's deferral contribution.

3. Vesting Schedule/Eligibility: Participants' contributions, the employer match contribution, and the employer discretionary contributions and related earnings are fully vested at all times and are not subject to forfeiture for any reason. Eligibility requires completion of one hour of service for covered employees, while special status employees must be at least 21 years old and have completed at least one year of service with a minimum of 1,000 hours worked.

4. Roth 401(k) contribution: Yes, participants may designate all or a portion of their deferral contributions as Roth deferral contributions.

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