LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

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

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN is $50,007.00

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN is $4,675.00. 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.
299,263.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,675.00 in LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, 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 LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, 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’.

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN allocates $187,582.00 to match its employees' contributions, providing an employer match rate of 22.99% of their contributions

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN is approximately $1,047.00
Investing in this additonal $1,047.00 for 20 years would give you extra $67,068.00, assuming a 10% annual return.

LIN ENGINEERING, INC. & APPLIED MOTION PRODUCTS, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute up to 100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The Company may elect to make discretionary matching contributions to the Plan. Participants are eligible for Company matching contributions if they have attained age 21, performed 1,000 hours during the Plan year, and are still employed as of the last day of the Plan year.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions plus actual earnings immediately. For employer contributions, the vesting schedule is as follows: 0% after one year, 20% after two years, 40% after three years, 60% after four years, 80% after five years, and 100% after six years. Eligibility requires participants to have attained age 21, performed 1,000 hours during the Plan year, and still be employed as of the last day of the Plan year.

4. Roth 401(k) Contribution: Not stated.

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