PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match
PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST Contribution & Employer Match
PRECISION PERSONNEL INC provides the following retirement savings benefits to its employees:
PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST Average Participant Retirement Account Value
PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST Estimated Average Employee Contribution Amount
379,967.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,936.00 in PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST, 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 PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST
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’.
PRECISION PERSONNEL INC 401(K) PROFIT SHARING PLAN & TRUST Contribution & Match Policy
1. Employee Contribution Rates: Up to 75% of their eligible compensation.
2. Employer Match/Contribution Conditions: The Employer may make discretionary profit-sharing contributions to participants who were employed on the last day of the Plan year and who met a minimum service requirement of 500 hours during the year.
3. Vesting Schedule/Eligibility: Vesting in Employer discretionary profit-sharing contributions is based on years of continuous service: 0% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 or more years. Participants are immediately vested in their own contributions.
4. It allows Roth 401(k) contribution.
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