NOVASPECT, INC. 401(K) PLAN Contribution & Employer Match

NOVASPECT, INC. 401(K) PLAN Contribution & Employer Match

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

NOVASPECT, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for NOVASPECT, INC. 401(K) PLAN is $182,260.00

NOVASPECT, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for NOVASPECT, INC. 401(K) PLAN is $8,719.00. 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.
558,066.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,719.00 in NOVASPECT, INC. 401(K) 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 NOVASPECT, INC. 401(K) 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’.

NOVASPECT, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, NOVASPECT, INC. 401(K) PLAN allocates $2,535,930.00 to match its employees' contributions, providing an employer match rate of 58.05% of their contributions

NOVASPECT, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in NOVASPECT, INC. 401(K) PLAN is approximately $4,731.00
Investing in this additonal $4,731.00 for 20 years would give you extra $302,797.00, assuming a 10% annual return.

NOVASPECT, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants may elect to contribute pre-tax deferred compensation, after-tax and/or Roth deferred compensation up to the maximum limit permitted by federal law.

2. Employer Match/Contribution Conditions: The Company matched 100% of the first 6% of eligible participants' compensation contributed to the Plan.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. They become 100% vested in the Company’s discretionary profit-sharing and/or matching contributions after two years of credited service. They are also 100% vested after five years of credited service in the Company’s non-elective contributions. Additionally, participants who reach retirement age and have three years of credited service are fully vested.

4. Allows Roth 401(k) contributions: Yes.

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