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PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Contribution & Employer Match

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Contribution & Employer Match

PANATTONI DEVELOPMENT COMPANY, INC. provides the following retirement savings benefits to its employees:

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN is $176,110.00

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN is $11,680.00. 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.
747,582.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,680.00 in PANATTONI DEVELOPMENT COMPANY, 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 PANATTONI DEVELOPMENT COMPANY, 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’.

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN allocates $807,904.00 to match its employees' contributions, providing an employer match rate of 35.11% of their contributions

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN is approximately $3,902.00
Investing in this additonal $3,902.00 for 20 years would give you extra $249,786.00, assuming a 10% annual return.

PANATTONI DEVELOPMENT COMPANY, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 90% of their regular wages to the plan.

2. Employer Match/Contribution Conditions: The employer may contribute an amount limited to a specified percentage of compensation or a specified dollar amount, at the discretion of the Plan Sponsor.

3. Vesting Schedule/Eligibility: Employer matching and non-elective contributions vest over a five-year period as follows: 0% after less than 1 year, 25% after 2 years, 50% after 3 years, 75% after 4 years, and 100% after 5 years. Eligibility requirements include having attained the age of 18 years and having worked for three months.

4. Roth 401(k) Contribution: The plan allows for Roth after-tax elective deferrals.

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