PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Contribution & Employer Match
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Contribution & Employer Match
PETE LIEN & SONS, INC. provides the following retirement savings benefits to its employees:
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Average Participant Retirement Account Value
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Estimated Average Employee Contribution Amount
327,956.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,124.00 in PETE LIEN & SONS, INC. PROFIT SHARING/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 PETE LIEN & SONS, INC. PROFIT SHARING/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’.
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Total Employer Contribution and Match Rate
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,936.00 for 20 years would give you extra $187,920.00, assuming a 10% annual return.
PETE LIEN & SONS, INC. PROFIT SHARING/401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 75% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 6% of eligible compensation that a participant contributes to the Plan.
3. Vesting Schedule/Eligibility: Participants are 100% vested after five years of credited service for employer contributions. Eligibility for employer contributions requires one year of service and being 19 years of age.
4. Allows Roth 401(k) contribution: Yes.
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