NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Contribution & Employer Match

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Contribution & Employer Match

NICE-PAK PRODUCTS, INC. provides the following retirement savings benefits to its employees:

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN is $66,513.00

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN is $4,311.00. 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.
275,928.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,311.00 in NICE-PAK PRODUCTS, INC. 401(K) 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 NICE-PAK PRODUCTS, INC. 401(K) 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’.

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN allocates $4,603,039.00 to match its employees' contributions, providing an employer match rate of 53.64% of their contributions

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN is approximately $2,316.00
Investing in this additonal $2,316.00 for 20 years would give you extra $148,260.00, assuming a 10% annual return.

NICE-PAK PRODUCTS, INC. 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 6% of their salary automatically, with the maximum contributions allowed under the IRS being $20,500 for 2021 and $305,000 for deferrals.

2. Employer Match/Contribution Conditions: The employer matches 50% of employee contributions up to a maximum of 6% of the employee's compensation. The employer contributions are credited only to participants who have completed 500 hours of service within the first 6 months of employment.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, while employer matching contributions vest according to the following schedule:

4. - Less than 1 year: 0%

5. - 1 year: 20%

6. - 2 years: 40%

7. - 3 years: 60%

8. - 4 years: 80%

9. - 5 or more years: 100%

10. Participants become fully vested in the Company’s profit-sharing contributions after 3 years of service.

11. Roth 401(k) Contribution: The plan allows for after-tax contributions, indicating the potential for Roth 401(k) contributions.

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