MTS RETIREMENT SAVINGS PLAN Contribution & Employer Match

MTS RETIREMENT SAVINGS PLAN Contribution & Employer Match

MTS SYSTEMS CORPORATION provides the following retirement savings benefits to its employees:

MTS RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for MTS RETIREMENT SAVINGS PLAN is $1,301.00. 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.
83,278.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,301.00 in MTS RETIREMENT SAVINGS 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 MTS RETIREMENT 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’.

MTS RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2022, MTS RETIREMENT SAVINGS PLAN allocates $850,078.00 to match its employees' contributions, providing an employer match rate of 39.47% of their contributions

MTS RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in MTS RETIREMENT SAVINGS PLAN is approximately $513.00
Investing in this additonal $513.00 for 20 years would give you extra $32,873.00, assuming a 10% annual return.

MTS RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants are automatically enrolled with a pre-tax contribution of 6%, which can increase 1% per year up to a maximum of 10%. They can also make Roth contributions and voluntary after-tax contributions of up to 6% of eligible after-tax wages.

2. Employer Match/Contribution Conditions: The Company may choose to make a matching contribution. For the reported periods, the Company matching contribution was $850,078 from October 1, 2021 to February 28, 2022, and $4,701,621 for the year ended September 30, 2021. There was no discretionary contribution during these periods.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and actual earnings. For Company matching and discretionary contributions, a participant is 100% vested after three years of credited service. Participants are also fully vested upon reaching normal retirement age, death, or permanent disability.

4. Roth 401(k) Contribution: The plan allows for Roth contributions.

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