NVR, INC. EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match
NVR, INC. EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Employer Match
NVR, INC. provides the following retirement savings benefits to its employees:
NVR, INC. EMPLOYEE STOCK OWNERSHIP PLAN Average Participant Retirement Account Value
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 NVR, INC. EMPLOYEE STOCK OWNERSHIP 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’.
NVR, INC. EMPLOYEE STOCK OWNERSHIP PLAN Estimated Average Employer Match
Investing in this additonal $3,076.00 for 20 years would give you extra $196,921.00, assuming a 10% annual return.
NVR, INC. EMPLOYEE STOCK OWNERSHIP PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employee contributions to the Plan are prohibited.
2. Employer Match/Contribution Conditions: The Company's contributions to the Plan are discretionary and based on the Company’s profit for the Plan Year.
3. Vesting Schedule/Eligibility: Employees vest in Company discretionary contributions at the rate of 20% per year starting with the completion of the second year of service. Employees become 100% vested in their accounts upon reaching age 60, or upon death or total disability. Eligibility requires employees to have worked at least 1,000 hours during the Plan Year and to have been employed by the Company on the last day of the Plan Year.
4. Roth 401(k) Contribution: Not applicable.
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