MAINTECH 401(K) RETIREMENT PLAN AND TRUST Contribution & Employer Match
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Contribution & Employer Match
MAINTECH INCORPORATED provides the following retirement savings benefits to its employees:
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Average Participant Retirement Account Value
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Estimated Average Employee Contribution Amount
113,453.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,772.00 in MAINTECH 401(K) RETIREMENT PLAN AND TRUST, 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 MAINTECH 401(K) RETIREMENT PLAN AND TRUST
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’.
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Total Employer Contribution and Match Rate
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Estimated Average Employer Match
Investing in this additonal $84.00 for 20 years would give you extra $5,413.00, assuming a 10% annual return.
MAINTECH 401(K) RETIREMENT PLAN AND TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute a portion of their annual compensation, subject to limitations specified in the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 4% of the compensation that a TPMOne, Inc. employee contributes to the Plan.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows:
4. - Less than two years: 0%
5. - 2 years: 20%
6. - 3 years: 40%
7. - 4 years: 60%
8. - 5 years: 80%
9. - 6 years or more: 100%
10. Employees are immediately eligible to participate in the Plan, unless classified as an Excluded Employee.
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