NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Contribution & Employer Match
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Contribution & Employer Match
NOU SYSTEMS, INC. provides the following retirement savings benefits to its employees:
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Average Participant Retirement Account Value
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Estimated Average Employee Contribution Amount
736,855.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,513.00 in NOU SYSTEMS, INC. 401(K) PLAN AND TRUST, 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 NOU SYSTEMS, INC. 401(K) PLAN AND TRUST
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’.
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Total Employer Contribution and Match Rate
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Estimated Average Employer Match
Investing in this additonal $5,965.00 for 20 years would give you extra $381,805.00, assuming a 10% annual return.
NOU SYSTEMS, INC. 401(K) PLAN AND TRUST Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute pretax annual compensation up to maximum amounts established by the IRS, and participants 50 years old or older may make catch-up contributions up to maximum amounts established by the IRS.
2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions based on a percentage of the participant’s salary and Roth deferrals, with no specified maximum amount provided.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their voluntary contributions plus actual earnings. For the employer's matching and profit-sharing contributions, participants vest over a graded six-year period. Eligibility is available to all eligible employees of the Company, excluding certain categories specified in the Plan documents.
4. Roth 401(k) Contribution: Yes, participants may designate some or all of the salary deferral as a Roth Deferral at the time of deferral election.
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