POSILLICO 401(K) PROFIT SHARING PLAN Contribution & Employer Match

POSILLICO 401(K) PROFIT SHARING PLAN Contribution & Employer Match

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

POSILLICO 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for POSILLICO 401(K) PROFIT SHARING PLAN is $166,820.00

POSILLICO 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for POSILLICO 401(K) PROFIT SHARING PLAN is $9,970.00. 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.
638,140.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,970.00 in POSILLICO 401(K) PROFIT SHARING 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 POSILLICO 401(K) 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’.

POSILLICO 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, POSILLICO 401(K) PROFIT SHARING PLAN allocates $2,483,543.00 to match its employees' contributions, providing an employer match rate of 93.29% of their contributions

POSILLICO 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in POSILLICO 401(K) PROFIT SHARING PLAN is approximately $8,278.00
Investing in this additonal $8,278.00 for 20 years would give you extra $529,822.00, assuming a 10% annual return.

POSILLICO 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Each year, participants may contribute up to 75% of eligible compensation, not exceeding $20,500 for 2022, plus a maximum of $6,500 in catch-up contributions for participants who are age 50 or older before the end of the Plan year.

2. Employer Match/Contribution Conditions: The Sponsor makes safe harbor matching contributions of 100% of the first 4% of the eligible compensation that participants contribute to the Plan each year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and employer matching contributions. For profit sharing contributions, vesting is based on years of continuous service: 0% after 1 year but less than 2 years, 20% after 2 years but less than 3 years, 40% after 3 years but less than 4 years, 60% after 4 years but less than 5 years, 80% after 5 years but less than 6 years, and 100% after 6 years or more.

4. Roth 401(k) Contribution: Contributions may be made as pre-tax deferrals or after-tax (Roth) deferrals.

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