OETIKER RETIREMENT PLAN Contribution & Employer Match
OETIKER RETIREMENT PLAN Contribution & Employer Match
OETIKER, INC. provides the following retirement savings benefits to its employees:
OETIKER RETIREMENT PLAN Average Participant Retirement Account Value
OETIKER RETIREMENT PLAN Estimated Average Employee Contribution Amount
350,888.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,482.00 in OETIKER RETIREMENT PLAN, 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 OETIKER RETIREMENT 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’.
OETIKER RETIREMENT PLAN Total Employer Contribution and Match Rate
OETIKER RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,024.00 for 20 years would give you extra $129,545.00, assuming a 10% annual return.
OETIKER RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a percentage of their annual compensation, not to exceed the limits of the Internal Revenue Code (IRC), with a maximum deferral of $20,500 in 2022.
2. Employer Match/Contribution Conditions: The Company contributes 50 percent of the first 10 percent of salary deferrals that a participant contributes to the Plan, not to exceed 5% of the participant's eligible compensation.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their voluntary contributions immediately. For employer contributions, vesting is as follows: 1 year - 17%, 2 years - 34%, 3 years - 50%, 4 years - 67%, 5 years - 83%, 6 or more years - 100%. Participants are credited with a year of service for vesting purposes upon completion of 1,000 hours of service during the year.
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