LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Contribution & Employer Match

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Contribution & Employer Match

LOGAN CONTRACTORS SUPPLY, INC. provides the following retirement savings benefits to its employees:

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN is $72,585.00

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN is $4,848.00. 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.
310,323.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,848.00 in LOGAN CONTRACTORS SUPPLY, INC. 401(K) 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 LOGAN CONTRACTORS SUPPLY, INC. 401(K) 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’.

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN allocates $248,199.00 to match its employees' contributions, providing an employer match rate of 24.03% of their contributions

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN is approximately $1,128.00
Investing in this additonal $1,128.00 for 20 years would give you extra $72,203.00, assuming a 10% annual return.

LOGAN CONTRACTORS SUPPLY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of pretax annual compensation, but not in excess of Internal Revenue Code annual limits.

2. Employer Match/Contribution Conditions: The employer contributes a match of 50% of salary deferrals, limited to 4% of the employee's salary for the match computation. Catch-up contributions are not eligible for the employer match.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions. Vesting in the employer contribution portion is as follows: 20% after two years of service, 40% after three years, 60% after four years, 80% after five years, and 100% after six years. Participants age 21 and over are eligible to contribute through salary deferral, and those who have attained one year of service (defined as 1,000 hours during an eligibility computation period) are eligible for an employer contribution.

4. Roth 401(k) contribution: Contributions of after-tax dollars (Roth contributions) are allowed up to Internal Revenue Code annual limits.

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