NEXT 15 COMMUNICATIONS RETIREMENT PLAN Contribution & Employer Match
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Contribution & Employer Match
NEXT FIFTEEN COMMUNICATIONS CORPORATION provides the following retirement savings benefits to its employees:
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Average Participant Retirement Account Value
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Estimated Average Employee Contribution Amount
621,917.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,717.00 in NEXT 15 COMMUNICATIONS RETIREMENT 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 NEXT 15 COMMUNICATIONS 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’.
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Total Employer Contribution and Match Rate
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,775.00 for 20 years would give you extra $113,629.00, assuming a 10% annual return.
NEXT 15 COMMUNICATIONS RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 15% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of the employee contributions up to 5% of their salary.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 3 years of service; employees are eligible after 1 year of employment.
4. Roth 401(k) contribution: Yes, it allows Roth 401(k) contributions.
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