MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B PLAN Contribution & Employer Match
MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B PLAN Contribution & Employer Match
MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION provides the following retirement savings benefits to its employees:
MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B PLAN Average Participant Retirement Account Value
MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B PLAN Estimated Average Employee Contribution Amount
24,174.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 377.00 in MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B 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 MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B 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’.
MONTGOMERY BAPTIST OUTREACH SERVICES CORPORATION 403B PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 6% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches contributions based on a formula of $0.35 for every $1 of the participant’s salary reduction for employees with less than 10 years of continuous service, and $0.50 for every $1 of the participant’s salary reduction for employees with 10 or more years of continuous service.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings thereon. Employees become eligible for the plan on the date of employment, but employees of Outreach Management Services, Inc. are not eligible.
4. Roth 401(k) Contribution: The plan allows for Roth deferrals.
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