MBIA INC. EMPLOYEES PENSION PLAN Contribution & Employer Match
MBIA INC. EMPLOYEES PENSION PLAN Contribution & Employer Match
MBIA INC. provides the following retirement savings benefits to its employees:
MBIA INC. EMPLOYEES PENSION PLAN Average Participant Retirement Account Value
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 MBIA INC. EMPLOYEES PENSION 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’.
MBIA INC. EMPLOYEES PENSION PLAN Estimated Average Employer Match
Investing in this additonal $5,432.00 for 20 years would give you extra $347,671.00, assuming a 10% annual return.
MBIA INC. EMPLOYEES PENSION PLAN Contribution & Match Policy
1. Employee Contribution Rates: The plan is a non-contributory money purchase defined contribution pension plan, so employees cannot contribute to the plan.
2. Employer Match/Contribution Conditions: Employer contributions are made at the rate of 10% of eligible compensation for participants who have completed 1,000 hours of service during the Plan year.
3. Vesting Schedule/Eligibility: Vesting begins after two years of service, with full vesting achieved after five years of service. Eligibility requires completion of 1,000 hours of service during the Plan year and being employed as of the last day of the Plan year.
4. Roth 401(k) Contribution: Not applicable.
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