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

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

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

POSHMARK, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for POSHMARK, INC. 401(K) PLAN is $38,818.00

POSHMARK, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for POSHMARK, INC. 401(K) PLAN is $9,110.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
583,058.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,110.00 in POSHMARK, INC. 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 POSHMARK, 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’.

POSHMARK, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, POSHMARK, INC. 401(K) PLAN allocates $21,918.00 to match its employees' contributions, providing an employer match rate of 0.42% of their contributions

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

In 2023, the estimated average employer match for an employee in POSHMARK, INC. 401(K) PLAN is approximately $32.00
Investing in this additonal $32.00 for 20 years would give you extra $2,096.00, assuming a 10% annual return.

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

1. Employee Contribution Rates: Employees may contribute up to 100% of their pre-tax annual eligible compensation, up to a maximum permitted contribution of $20,500 for the year ended December 31, 2022.

2.

3. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions equal to a discretionary percentage of the participant’s elective deferral and may also make an annual discretionary profit-sharing contribution. Participants must complete 1,000 hours of service in the applicable plan year and be employed on the last day of the plan year to be eligible for these contributions.

4. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and rollover contributions. For matching contributions and discretionary profit-sharing contributions, prior to May 6, 2022, the vesting was based on years of service. For participants who terminated employment prior to May 6, 2022, the vesting schedule was as follows:

5. - Less than 1 year: 0%

6. - 1 year: 25%

7. - 2 years: 50%

8. - 3 years: 75%

9. - 4 years: 100%

10. Effective May 6, 2022, all future Company matching contributions and discretionary profit-sharing contributions are immediately vested.

11. Roth 401(k) Contribution: Participants may make post-tax (“Roth”) contributions to the Plan.

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