MASTERCARD SAVINGS PLAN Contribution & Employer Match
MASTERCARD SAVINGS PLAN Contribution & Employer Match
MASTERCARD INTERNATIONAL INCORPORATED provides the following retirement savings benefits to its employees:
MASTERCARD SAVINGS PLAN Average Participant Retirement Account Value
MASTERCARD SAVINGS PLAN Estimated Average Employee Contribution Amount
990,252.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,472.00 in MASTERCARD SAVINGS 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 MASTERCARD SAVINGS 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’.
MASTERCARD SAVINGS PLAN Total Employer Contribution and Match Rate
MASTERCARD SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $12,048.00 for 20 years would give you extra $771,113.00, assuming a 10% annual return.
MASTERCARD SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 10% of their salary, starting at a default rate of 6% unless they opt for a different contribution rate.
2. Employer Match/Contribution Conditions: The employer matches 167% on the first 6% of base wages contributed by the employee.
3. Vesting Schedule/Eligibility: Participants are fully vested immediately in their employee and employer matching contributions, with no specified years of service or hours worked required for eligibility.
4. Roth 401(k) contributions are allowed.
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