NTEC 401(K) PLAN II Contribution & Employer Match
NTEC 401(K) PLAN II Contribution & Employer Match
NAVAJO TRANSITIONAL ENERGY COMPANY, LLC provides the following retirement savings benefits to its employees:
NTEC 401(K) PLAN II Average Participant Retirement Account Value
NTEC 401(K) PLAN II Estimated Average Employee Contribution Amount
379,405.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,928.00 in NTEC 401(K) PLAN II, 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 NTEC 401(K) PLAN II
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’.
NTEC 401(K) PLAN II Total Employer Contribution and Match Rate
NTEC 401(K) PLAN II Estimated Average Employer Match
Investing in this additonal $3,984.00 for 20 years would give you extra $254,984.00, assuming a 10% annual return.
NTEC 401(K) PLAN II Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute between 1% and 99% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 25% of employee contributions, up to 4% of eligible compensation deferred to the Plan.
3. Vesting Schedule/Eligibility: Participants are 100% vested immediately upon hire. Employees are eligible to participate in the Plan upon hire; interns and summer hires must complete one year of service with at least 1,000 hours worked.
4. The plan allows Roth 401(k) contributions.
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