LOCAL 553 DEFERRED COMPENSATION FUND Contribution & Employer Match
How BOARD OF TRUSTEES OF LOCAL 553 DEFERRED COMPENSATION FUND Supports Your Retirement Savings
BOARD OF TRUSTEES OF LOCAL 553 DEFERRED COMPENSATION FUND provides retirement savings benefits through LOCAL 553 DEFERRED COMPENSATION FUND. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
LOCAL 553 DEFERRED COMPENSATION FUND Average Participant Retirement Account Value
* Data are from public filings.
Employer Match in LOCAL 553 DEFERRED COMPENSATION FUND
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
LOCAL 553 DEFERRED COMPENSATION FUND Estimated Average Employer Match
Investing in this additonal $5,108.00 for 20 years would give you extra $326,922.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
LOCAL 553 DEFERRED COMPENSATION FUND Contribution & Match Policy
LOCAL 553 DEFERRED COMPENSATION FUND Contribution, Match and Other Plan Policies
- Contributions by participants are not permitted under the Plan.
- Participants are immediately vested in 100% of the value of their accounts upon the establishment of their account.
- In general, new employees must 1) meet the requirement for the expiration of 90 consecutive days from the date they first performed a regular time hour for an employer and 2) complete 600 regular time hours of work within a period of twelve consecutive months beginning on the employee’s 91st day of employment or within successive 12 month consecutive periods that begin on the 1st day of the calendar month beginning after the expiration of the last 12 month consecutive period in order to have an account in the plan established for them.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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