OGLETHORPE POWER CORPORATION RETIREMENT PLAN Contribution & Employer Match

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Contribution & Employer Match

OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) provides the following retirement savings benefits to its employees:

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OGLETHORPE POWER CORPORATION RETIREMENT PLAN is $483,433.00

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OGLETHORPE POWER CORPORATION RETIREMENT PLAN is $13,327.00. 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.
852,966.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 13,327.00 in OGLETHORPE POWER CORPORATION RETIREMENT 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 OGLETHORPE POWER CORPORATION 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’.

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, OGLETHORPE POWER CORPORATION RETIREMENT PLAN allocates $7,754,900.00 to match its employees' contributions, providing an employer match rate of 149.58% of their contributions

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OGLETHORPE POWER CORPORATION RETIREMENT PLAN is approximately $19,007.00
Investing in this additonal $19,007.00 for 20 years would give you extra $1,216,454.00, assuming a 10% annual return.

OGLETHORPE POWER CORPORATION RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1% to 60% of eligible compensation.

2. Employer Match/Contribution Conditions: The employer provides a discretionary match contribution equal to 75% of each participant's contribution up to a maximum of 6% of eligible compensation deferred.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately, and vesting in company contributions is based on years of service. Participants become 100% vested in discretionary match contributions after one year of credited service, and vest in all non-elective contributions in 20% increments per year, becoming fully vested after five years.

4. Roth 401(k) Contribution: The plan allows Roth after-tax contributions.

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