OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN Contribution & Employer Match

OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN Contribution & Employer Match

A&M SPECIAL PURCHASING, INC. provides the following retirement savings benefits to its employees:

OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN is $10,504.00

OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN is $802.00. 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.
51,382.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 802.00 in OCEAN STATE JOBBERS, INC. & AFFILIATES 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 OCEAN STATE JOBBERS, INC. & AFFILIATES 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’.

OCEAN STATE JOBBERS, INC. & AFFILIATES 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the annual limitation prescribed by the Internal Revenue Service (IRS) on a pre-tax or after-tax basis.

2. Employer Match/Contribution Conditions: The Employer may elect to make a discretionary matching contribution in an amount determined by the Employer prior to the end of each Plan year. There were no discretionary matching contributions made in 2022 or 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings. Vesting in the Employer’s discretionary contribution is based on years of continuous service: a participant is fully vested after five years of credited service, with partial vesting at 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years. Eligibility requires completion of six months of service and being at least twenty-one years old.

4. Roth 401(k) Contribution: Participants may contribute on a pre-tax or after-tax basis.

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