PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Employer Match

PAUL MUELLER COMPANY provides the following retirement savings benefits to its employees:

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $66,595.00

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN is $4,030.00. 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.
257,931.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,030.00 in PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS 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 PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS 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’.

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN allocates $1,418,190.00 to match its employees' contributions, providing an employer match rate of 38.17% of their contributions

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN is approximately $1,448.00
Investing in this additonal $1,448.00 for 20 years would give you extra $92,711.00, assuming a 10% annual return.

PAUL MUELLER COMPANY PROFIT SHARING AND RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to a maximum of 15 percent of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer may contribute an amount equal to 50 percent of the first 8 percent of compensation that the participant elects to contribute, up to a maximum employer match contribution of 4 percent.

3. Vesting Schedule/Eligibility: Participants must complete one year of service (1,000 hours) to receive employer contributions. Vesting in the Company’s safe harbor contributions is 100 percent after two full years of credited service. For fixed matching contributions, vesting is 20 percent after two full years, reaching 100 percent after six or more years.

4. Roth 401(k) Contribution: The plan allows for in-plan Roth conversion contributions.

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