PHARMACHEM LABORATORIES, INC. PROFIT SHARING PLAN Contribution & Employer Match
PHARMACHEM LABORATORIES, INC. PROFIT SHARING PLAN Contribution & Employer Match
PHARMACHEM LABORATORIES, INC. provides the following retirement savings benefits to its employees:
PHARMACHEM LABORATORIES, INC. PROFIT SHARING PLAN Average Participant Retirement Account Value
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 PHARMACHEM LABORATORIES, INC. PROFIT SHARING 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’.
PHARMACHEM LABORATORIES, INC. PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: The text does not specify a percentage that employees can contribute to the plan.
2. Employer Match/Contribution Conditions: The text states that no further contributions will be made to the plan by Pharmachem as of March 15, 2012.
3. Vesting Schedule/Eligibility: All participants became 100% vested as of September 30, 2011. Eligibility required at least one year of service, attainment of 21 years of age, and working at least 1,000 hours during the plan year, prior to the freeze on participation and contributions on March 15, 2012.
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