OMRON SAVINGS AND RETIREMENT PLAN Contribution & Employer Match

OMRON SAVINGS AND RETIREMENT PLAN Contribution & Employer Match

OMRON MANAGEMENT CENTER OF AMERICA, INC. provides the following retirement savings benefits to its employees:

OMRON SAVINGS AND RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for OMRON SAVINGS AND RETIREMENT PLAN is $132,117.00

OMRON SAVINGS AND RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for OMRON SAVINGS AND RETIREMENT PLAN is $7,044.00. 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.
450,868.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,044.00 in OMRON SAVINGS AND 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 OMRON SAVINGS AND 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’.

OMRON SAVINGS AND RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, OMRON SAVINGS AND RETIREMENT PLAN allocates $10,664,640.00 to match its employees' contributions, providing an employer match rate of 74.43% of their contributions

OMRON SAVINGS AND RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in OMRON SAVINGS AND RETIREMENT PLAN is approximately $5,209.00
Investing in this additonal $5,209.00 for 20 years would give you extra $333,432.00, assuming a 10% annual return.

OMRON SAVINGS AND RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute through payroll deductions up to 100% of their annual compensation but not more than the government-imposed limit established each year.

2. Employer Match/Contribution Conditions: The employer will match the first 8% of the annual earnings deferred by an employee at a rate of $0.50 per each dollar deferred by the employee; therefore, the maximum employer match is 4% subject to IRC limitations.

3. Vesting Schedule/Eligibility: Participants are fully vested in their accounts. Participants are always 100% vested in their contributions, employer contributions, and any earnings thereon. To become eligible for employer discretionary profit-sharing contributions, an employee must complete one year of service and must not be a member of a collective bargaining unit.

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