MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Contribution & Employer Match

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Contribution & Employer Match

MINUTEMAN SECURITY TECHNOLOGIES, INC. provides the following retirement savings benefits to its employees:

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN is $55,972.00

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN is $5,961.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
381,521.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,961.00 in MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT 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’.

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN allocates $453,883.00 to match its employees' contributions, providing an employer match rate of 49.76% of their contributions

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN is approximately $2,734.00
Investing in this additonal $2,734.00 for 20 years would give you extra $174,991.00, assuming a 10% annual return.

MINUTEMEN SECURITY TECHNOLOGIES RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100 percent of their annual compensation, subject to maximum tax-deferred limitations established by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the employee's contribution, not to exceed 4 percent of the employee's deferred compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary, rollover, and safe harbor employer matching contributions. Vesting in discretionary employer matching and profit-sharing contributions is 20 percent per year of service, fully vested after five years of service. Eligibility requires six months of service and being 18 years of age or older.

4. The plan does not allow Roth 401(k) contributions.

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