PLASTIQ, INC. 401(K) PLAN Contribution & Employer Match
PLASTIQ, INC. 401(K) PLAN Contribution & Employer Match
PLASTIQ, INC. provides the following retirement savings benefits to its employees:
PLASTIQ, INC. 401(K) PLAN Average Participant Retirement Account Value
PLASTIQ, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
548,731.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,573.00 in PLASTIQ, INC. 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 PLASTIQ, 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’.
PLASTIQ, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute an amount of eligible pre-tax annual compensation not to exceed the maximum statutory amount. The deferral rate for automatic enrollment is 5% of eligible compensation. Participants may also make voluntary, non-deductible, after-tax contributions up to 5% of participant compensation and up to $5,000.
2. Employer Match/Contribution Conditions: The Plan allows for an employer discretionary matching contribution subject to certain eligibility requirements. Vesting in the discretionary matching contribution and earnings is based on 25% per year after 1 year and full vesting after 4 years.
3. Roth 401(k) Contribution: The Plan allows for Roth deferral contributions.
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