PAN AM EQUITIES, INC. 401(K) PLAN Contribution & Employer Match
PAN AM EQUITIES, INC. 401(K) PLAN Contribution & Employer Match
PAN AM EQUITIES, INC. provides the following retirement savings benefits to its employees:
PAN AM EQUITIES, INC. 401(K) PLAN Average Participant Retirement Account Value
PAN AM EQUITIES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
287,545.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,492.00 in PAN AM EQUITIES, INC. 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 PAN AM EQUITIES, 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’.
PAN AM EQUITIES, INC. 401(K) PLAN Total Employer Contribution and Match Rate
PAN AM EQUITIES, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $918.00 for 20 years would give you extra $58,772.00, assuming a 10% annual return.
PAN AM EQUITIES, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of their annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the employee's deferral amount up to 2% of compensation, plus 50% of the employee's deferral amount, up to the next 2% of compensation. The maximum match cannot exceed $5,000.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 20% after 1 year of service, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years. Employees are eligible after completing one year of service and attaining 21 years of age.
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