L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Contribution & Employer Match

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Contribution & Employer Match

L&M SERVICES, INC. provides the following retirement savings benefits to its employees:

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN is $38,366.00

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN is $3,256.00. 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.
208,390.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,256.00 in L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS 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 L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS 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’.

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN allocates $98,823.00 to match its employees' contributions, providing an employer match rate of 22.99% of their contributions

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN is approximately $772.00
Investing in this additonal $772.00 for 20 years would give you extra $49,411.00, assuming a 10% annual return.

L&M SERVICES, INCORPORATED EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual pre-tax compensation, as well as nondeductible Roth after-tax contributions to the Plan, within statutory limits.

2. Employer Match/Contribution Conditions: The Company matched 25% of the first 12% of compensation that a participant contributed to the Plan in 2022.

3. Vesting Schedule/Eligibility: Vesting in employer matching and profit sharing contributions is based on years of credited service, with 20% vesting after two years of service and 100% vesting after six years of service. Participants become fully vested upon normal retirement (age 65), death, or disability.

4. Roth 401(k) contribution: Yes, the plan allows for nondeductible Roth after-tax contributions.

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