OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Contribution & Employer Match

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Contribution & Employer Match

OGE ENERGY CORP. provides the following retirement savings benefits to its employees:

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN is $192,511.00

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN is $7,223.00. 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.
462,334.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,223.00 in OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS 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 OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS 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’.

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2022, OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN allocates $16,784,061.00 to match its employees' contributions, providing an employer match rate of 70.14% of their contributions

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN is approximately $5,104.00
Investing in this additonal $5,104.00 for 20 years would give you extra $326,697.00, assuming a 10% annual return.

OGE ENERGY CORP. ESOP & RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute any whole percentage between two percent and 75 percent of their compensation.

2. Employer Match/Contribution Conditions: The employer contributes 200 percent of the participant's Regular Contributions, up to five percent of compensation, for employees hired on or after December 1, 2009. For other employees, the contribution varies based on their hires and participation in the Pension Plan, ranging from 50 percent to 200 percent of the participant's contributions, up to specified limits.

3. Vesting Schedule/Eligibility: Participants become 20 percent vested in their Company contribution account after two years of service and fully vested after three years of service. They also fully vest upon certain conditions, such as retiring or in the event of death or permanent disability.

4. Allows Roth 401(k) contribution: Yes, the plan allows for Roth Contributions and In-Plan Roth Rollover Contributions.

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