NORTH SHORE ANIMAL LEAGUE AMERICA 401K PLAN Contribution & Employer Match
NORTH SHORE ANIMAL LEAGUE AMERICA 401K PLAN Contribution & Employer Match
NORTH SHORE ANIMAL LEAGUE AMERICA, INC. provides the following retirement savings benefits to its employees:
NORTH SHORE ANIMAL LEAGUE AMERICA 401K PLAN Average Participant Retirement Account Value
NORTH SHORE ANIMAL LEAGUE AMERICA 401K PLAN Estimated Average Employee Contribution Amount
153,913.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,404.00 in NORTH SHORE ANIMAL LEAGUE AMERICA 401K 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 NORTH SHORE ANIMAL LEAGUE AMERICA 401K 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’.
NORTH SHORE ANIMAL LEAGUE AMERICA 401K PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their salary, limited to a maximum of $20,500 in 2022 and $19,500 in 2021.
2. Employer Match/Contribution Conditions: Employer matching contributions may be made at the discretion of the employer for eligible employees who are age 21 and older and have one year of service.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. For the employer's contributions, participants are 20% vested after one year of service and an additional 20% for each subsequent year until fully vested after five years.
4. Roth 401(k) Contribution: The plan allows for Roth 401(k) contributions.
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