ORM MANAGEMENT, INC. 401(K) PLAN Contribution & Employer Match

ORM MANAGEMENT, INC. 401(K) PLAN Contribution & Employer Match

ORM MANAGEMENT, INC. provides the following retirement savings benefits to its employees:

ORM MANAGEMENT, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for ORM MANAGEMENT, INC. 401(K) PLAN is $67,925.00

ORM MANAGEMENT, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for ORM MANAGEMENT, INC. 401(K) PLAN is $2,321.00. 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.
148,564.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,321.00 in ORM MANAGEMENT, INC. 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 ORM MANAGEMENT, INC. 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’.

ORM MANAGEMENT, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2021, ORM MANAGEMENT, INC. 401(K) PLAN allocates $337,637.00 to match its employees' contributions, providing an employer match rate of 83.59% of their contributions

ORM MANAGEMENT, INC. 401(K) PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in ORM MANAGEMENT, INC. 401(K) PLAN is approximately $1,940.00
Investing in this additonal $1,940.00 for 20 years would give you extra $124,188.00, assuming a 10% annual return.

ORM MANAGEMENT, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute between 1–100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The Company makes safe harbor contributions equal to 3% of the participant’s eligible compensation. There were no employer match or profit sharing contributions made for the year ended December 31, 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer safe harbor contributions. Vesting in the Company’s matching or profit sharing contributions is based on years of continuous service, with a schedule that provides 0% for less than 2 years, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 or more years. A participant will also become fully vested upon death or total and permanent disability. Eligibility requires employees to be at least 20 years old and to have completed three months of service.

4. Roth 401(k) Contribution: Yes, participants may elect to make Roth contributions utilizing after-tax contributions.

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