MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Contribution & Employer Match

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Contribution & Employer Match

MARCONE APPLIANCE PARTS CO. provides the following retirement savings benefits to its employees:

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN is $21,110.00

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN is $721.00. 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.
46,182.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 721.00 in MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING 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 MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING 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’.

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2021, MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN allocates $119,704.00 to match its employees' contributions, providing an employer match rate of 19.80% of their contributions

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN is approximately $142.00
Investing in this additonal $142.00 for 20 years would give you extra $9,142.00, assuming a 10% annual return.

MARCONE APPLIANCE PARTS CENTER 401K PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to reduce their salary and have the amount contributed to the Plan, but the elective deferral amount may not be more than the lesser of the maximum dollar limit allowed under the requirements of the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The Company made a discretionary matching contribution in an amount equal to 50% of the first 3% of each participant’s salary deferral in 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective deferral and rollover contributions. Participants are vested in matching contributions after four years of continuous service as follows: 10% after one year, 30% after two years, 60% after three years, and 100% after four years. Eligibility requires employees to have completed at least 90 days of service.

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