PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) PLAN Contribution & Employer Match
PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) PLAN Contribution & Employer Match
PADDOCK PUBLICATIONS, INC. provides the following retirement savings benefits to its employees:
PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) PLAN Average Participant Retirement Account Value
PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) PLAN Estimated Average Employee Contribution Amount
159,830.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,497.00 in PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) 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 PADDOCK PUBLICATIONS, INC. EMPLOYEES 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’.
PADDOCK PUBLICATIONS, INC. EMPLOYEES 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute the lesser of $20,500 (2022) or 50% of their pretax annual eligible compensation.
2. Employer Match/Contribution Conditions: The employer may make a discretionary matching contribution equal to 50% of the first 5% of base compensation that a participant contributed to the Plan.
3. Vesting Schedule/Eligibility: Participants are 100% vested immediately in their contributions and investment earnings. A participant is 100% vested in the employer’s contributions upon completing three years of credited service, with immediate vesting in the event of death, disability, or retirement.
4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.
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