MAIN INDUSTRIES, INC. 401(K) PLAN Contribution & Employer Match
MAIN INDUSTRIES, INC. 401(K) PLAN Contribution & Employer Match
MAIN INDUSTRIES, INC. provides the following retirement savings benefits to its employees:
MAIN INDUSTRIES, INC. 401(K) PLAN Average Participant Retirement Account Value
MAIN INDUSTRIES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
174,620.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,728.00 in MAIN INDUSTRIES, INC. 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 MAIN INDUSTRIES, 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’.
MAIN INDUSTRIES, INC. 401(K) PLAN Total Employer Contribution and Match Rate
MAIN INDUSTRIES, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,453.00 for 20 years would give you extra $93,034.00, assuming a 10% annual return.
MAIN INDUSTRIES, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a portion of their annual compensation, subject to IRC limitations.
2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions equal to 100% of the participants' elective deferrals up to 4% of the participants' eligible compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, rollovers, and employer safe harbor contributions. Vesting in the Company’s profit-sharing contribution is based on years of service, with participants vesting 20% for each year of service after 2 years and being 100% vested after six years of credited service.
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