PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

PREFERREDONE ADMINISTRATIVE SERVICES, INC. provides the following retirement savings benefits to its employees:

PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN is $2,325.00. 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.
148,856.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,325.00 in PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS 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 PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS 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’.

PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2022, PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN allocates $307,084.00 to match its employees' contributions, providing an employer match rate of 26.43% of their contributions

PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN is approximately $608.00
Investing in this additonal $608.00 for 20 years would give you extra $38,917.00, assuming a 10% annual return.

PREFERREDONE ADMINISTRATIVE SERVICES, INC. PROFIT SHARING AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60% of their eligible pay to the plan.

2. Employer Match/Contribution Conditions: The employer matches 50% of deferral contributions made by the participant, provided that the match does not exceed 6% of the participant’s compensation.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 0% for less than 2 years of service, 25% for 2 or more years, 50% for 3 or more years, 75% for 4 or more years, and 100% for 5 or more years. Employees must complete six months of service and be age 20½ to be eligible for employer matching and discretionary profit-sharing contributions.

4. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals.

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