MAHLE 401(K) PLAN Contribution & Employer Match
MAHLE 401(K) PLAN Contribution & Employer Match
MAHLE INDUSTRIES, INCORPORATED provides the following retirement savings benefits to its employees:
MAHLE 401(K) PLAN Average Participant Retirement Account Value
MAHLE 401(K) PLAN Estimated Average Employee Contribution Amount
316,921.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,951.00 in MAHLE 401(K) 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 MAHLE 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’.
MAHLE 401(K) PLAN Total Employer Contribution and Match Rate
MAHLE 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,433.00 for 20 years would give you extra $155,757.00, assuming a 10% annual return.
MAHLE 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 75 percent of eligible compensation, with an automatic deferral of 6 percent for those enrolled, increased by 1 percent annually up to 15 percent.
2. Employer Match/Contribution Conditions: Employer matching contributions are 100 percent of each participant's contributions up to 6 percent of eligible compensation for most employees; for Dayton Hourly Union members, contributions are matched at 100 percent up to 3 percent plus 50 percent of the next 3 percent.
3. Vesting Schedule/Eligibility: All employee contributions and employer matching contributions prior to January 1, 2014, are fully vested at all times. Employees hired prior to January 1, 2014, are immediately 100 percent vested in safe harbor matching contributions. Employees hired on or after January 1, 2014, fully vest in contributions over time or via cliff vesting depending on length of service, ranging from zero to five years. Eligibility requires completion of 30 days of service (21 days for Dayton Hourly Union employees).
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