MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Contribution & Employer Match

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Contribution & Employer Match

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

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN is $145,101.00

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN is $4,944.00. 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.
316,433.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,944.00 in MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT 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 MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT 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’.

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN allocates $795,135.00 to match its employees' contributions, providing an employer match rate of 63.07% of their contributions

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN is approximately $2,901.00
Investing in this additonal $2,901.00 for 20 years would give you extra $185,724.00, assuming a 10% annual return.

MAGOTTEAUX, INC. ASSET ACCUMULATION 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 60% of their compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of the participant's first 5% of compensation contributed to the plan; the employer does not provide matching contributions on catch-up contributions.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their elective deferral, Roth, and safe harbor matching contributions. Employer discretionary contributions vest 20% per year after one year of credited service, resulting in 100% vesting after five years of credited service. Eligibility requires employees to be 18 years or older and to begin participation immediately upon hire, except for certain employees in Belgium.

4. Roth 401(k) contribution: Yes, the plan allows for Roth deferrals which are treated as post-tax deferrals.

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