PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Employer Match
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Employer Match
PMA CONSULTANTS LLC provides the following retirement savings benefits to its employees:
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Average Participant Retirement Account Value
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Estimated Average Employee Contribution Amount
643,213.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,050.00 in PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT 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 PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT 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’.
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Total Employer Contribution and Match Rate
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $3,890.00 for 20 years would give you extra $248,980.00, assuming a 10% annual return.
PMA CONSULTANTS LLC 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 75 percent of their annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first 4 percent of annual compensation.
3. Vesting Schedule/Eligibility: Employer matching contributions vest after two years, and discretionary employer match is fully vested after three years of continued service. Eligibility requires completion of one month of service and being age 21 or older.
4. The plan allows Roth 401(k) contributions.
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