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LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

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

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LOGICALIS, INC. 401(K) PROFIT SHARING PLAN is $108,512.00

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LOGICALIS, INC. 401(K) PROFIT SHARING PLAN is $5,688.00. 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.
364,045.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,688.00 in LOGICALIS, 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 LOGICALIS, 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’.

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, LOGICALIS, INC. 401(K) PROFIT SHARING PLAN allocates $2,289,340.00 to match its employees' contributions, providing an employer match rate of 39.73% of their contributions

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LOGICALIS, INC. 401(K) PROFIT SHARING PLAN is approximately $2,222.00
Investing in this additonal $2,222.00 for 20 years would give you extra $142,250.00, assuming a 10% annual return.

LOGICALIS, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute their compensation on a before-tax and an after-tax basis, up to a maximum of 10 percent through automatic increases.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant's deferral contributions, not to exceed 4 percent of the employee's eligible compensation. The match for highly compensated employees is limited to $5,000 for the plan year.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary, rollover, and employer matching contributions. The Company's discretionary contributions vest according to a schedule: 25 percent after 2 years, 50 percent after 3 years, 75 percent after 4 years, and 100 percent after 5 or more years of service.

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

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