PLANTRONICS, INC. 401(K) PLAN Contribution & Employer Match

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PLANTRONICS, INC. 401(K) PLAN Contribution & Employer Match

PLANTRONICS, INC. provides the following retirement savings benefits to its employees:

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 PLANTRONICS, 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’.

PLANTRONICS, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in PLANTRONICS, INC. 401(K) PLAN is approximately $162.00
Investing in this additonal $162.00 for 20 years would give you extra $10,393.00, assuming a 10% annual return.

PLANTRONICS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the amount allowable under the Plan document and current income tax regulations, with an automatic enrollment contribution of 3% of eligible compensation unless elected otherwise.

2. Employer Match/Contribution Conditions: The Company matched 100% of every $1.00 contributed by a participant for the first 3% of eligible pre-tax and Roth contributions, and 50% of every $1.00 contributed by a participant for the next 3% of eligible pre-tax and Roth contributions for the period of January 1, 2022, through August 28, 2022.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their entire account, including employer contributions. Eligibility requires employees to be immediately eligible to participate, while part-time and temporary employees are eligible after completing one year of service with at least 1,000 hours worked.

4. Roth 401(k) Contribution: The plan allows after-tax compensation contributions as Roth contributions.

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