MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

MUM INDUSTRIES, INC. provides the following retirement savings benefits to its employees:

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is $51,448.00

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is $5,063.00. 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.
324,067.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,063.00 in MUM INDUSTRIES, INC. 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 MUM INDUSTRIES, INC. 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’.

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN allocates $202,235.00 to match its employees' contributions, providing an employer match rate of 35.50% of their contributions

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN is approximately $2,151.00
Investing in this additonal $2,151.00 for 20 years would give you extra $137,691.00, assuming a 10% annual return.

MUM INDUSTRIES, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their compensation to the plan.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 3% of compensation contributed by employees, plus 50% of the next 2%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer safe harbor contributions. Vesting for the company’s discretionary matching contributions is based on years of service: 0% for less than 2 years, 20% for 2-3 years, 40% for 3-4 years, 60% for 4-5 years, 80% for 5-6 years, and 100% for 6 years or more.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.

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