MIKE ERDMAN MOTORS 401(K) SAVINGS PLAN Contribution & Employer Match
MIKE ERDMAN MOTORS 401(K) SAVINGS PLAN Contribution & Employer Match
MIKE ERDMAN MOTORS, INC. provides the following retirement savings benefits to its employees:
MIKE ERDMAN MOTORS 401(K) SAVINGS PLAN Average Participant Retirement Account Value
MIKE ERDMAN MOTORS 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount
298,263.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,660.00 in MIKE ERDMAN MOTORS 401(K) 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 MIKE ERDMAN MOTORS 401(K) 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’.
MIKE ERDMAN MOTORS 401(K) SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their salary to the plan, subject to annual contribution limits.
2. Employer Match/Contribution Conditions: The employer matches 50% of the employee contributions up to a maximum of 6% of the employee's salary.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 3 years, and employees must complete 1,000 hours of service to be eligible.
4. Roth 401(k) contribution: Yes, the plan allows Roth 401(k) contributions.
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