PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
PETER KIEWIT SONS, INC. provides the following retirement savings benefits to its employees:
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
397,360.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,208.00 in PETER KIEWIT SONS, INC. RETIREMENT SAVINGS 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 PETER KIEWIT SONS, INC. 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’.
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,118.00 for 20 years would give you extra $199,582.00, assuming a 10% annual return.
PETER KIEWIT SONS, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of their eligible salary, not to exceed certain IRS limitations.
2. Employer Match/Contribution Conditions: The employer may make an annual profit sharing contribution at its discretion to eligible participants employed on December 31 of the plan year and have met all other eligibility requirements. Additionally, the employer will make a weekly contribution based on the participants' contributions up to 100% of the first 6% of the participants' contributions.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions. For employer contributions, vesting is based on years of service: Less than 2 years - 0%, At least 2 but less than 3 years - 20%, At least 3 but less than 4 years - 50%, At least 4 but less than 5 years - 75%, 5 years or more - 100%. Eligibility requires being employed on December 31 of the plan year and meeting all other requirements.
4. The plan allows Roth 401(k) contributions.
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