MATRIXX SOFTWARE 401(K) PLAN Contribution & Employer Match
MATRIXX SOFTWARE 401(K) PLAN Contribution & Employer Match
MATRIXX SOFTWARE INC. provides the following retirement savings benefits to its employees:
MATRIXX SOFTWARE 401(K) PLAN Average Participant Retirement Account Value
MATRIXX SOFTWARE 401(K) PLAN Estimated Average Employee Contribution Amount
1,019,662.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,932.00 in MATRIXX SOFTWARE 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 MATRIXX SOFTWARE 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’.
MATRIXX SOFTWARE 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 92% of pretax annual compensation.
2. Employer Match/Contribution Conditions: Discretionary matching and profit sharing contributions may be made; there were no discretionary match or profit sharing contributions for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Immediate vesting in participant contributions and the Company’s matching contribution; profit sharing contributions vest based on years of continuous service: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years or more.
4. Allowed Roth 401(k) contribution: Yes.
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