MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Contribution & Employer Match
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Contribution & Employer Match
MACYS, INC. provides the following retirement savings benefits to its employees:
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Average Participant Retirement Account Value
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Estimated Average Employee Contribution Amount
105,031.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,641.00 in MACYS INC 401(K) RETIREMENT INVESTMENT PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 MACYS INC 401(K) RETIREMENT INVESTMENT 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’.
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Total Employer Contribution and Match Rate
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Estimated Average Employer Match
Investing in this additonal $646.00 for 20 years would give you extra $41,354.00, assuming a 10% annual return.
MACYS INC 401(K) RETIREMENT INVESTMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute an amount equal to 1% to 50% of their eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches contributions at a rate of 100% on the first 1% of contributions and 50% on the next 5% of contributions, applicable to those not eligible for pension credits.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their own contributions and become 100% vested in employer contributions after 2 years of service. Eligibility requires one year of service of at least 1,000 hours and a minimum age of 21 for the Company-Match Eligible Program.
4. The plan allows Roth 401(k) contributions.
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