MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Contribution & Employer Match
MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Contribution & Employer Match
MILLENNIUM ENGINEERING AND INTEGRATION CO. provides the following retirement savings benefits to its employees:
MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Estimated Average Employee Contribution Amount
527,716.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,245.00 in MILLENNIUM ENGINEERING AND INTEGRATION CO. 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 MILLENNIUM ENGINEERING AND INTEGRATION CO. 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’.
MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Total Employer Contribution and Match Rate
MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $4,071.00 for 20 years would give you extra $260,574.00, assuming a 10% annual return.
MILLENNIUM ENGINEERING AND INTEGRATION CO. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Eligible participants could contribute up to the maximum allowed by the Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The Company could contribute at its discretion, and the contributions were subject to IRS limitations.
3. Vesting Schedule/Eligibility: Vesting in all types of employer contributions was based on years of continuous service of at least 1,000 hours per year, ratably over four years of credited service.
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