QUARTUS ENGINEERING 401(K) PLAN Contribution & Employer Match
QUARTUS ENGINEERING 401(K) PLAN Contribution & Employer Match
QUARTUS ENGINEERING INCORPORATED provides the following retirement savings benefits to its employees:
QUARTUS ENGINEERING 401(K) PLAN Average Participant Retirement Account Value
QUARTUS ENGINEERING 401(K) PLAN Estimated Average Employee Contribution Amount
778,476.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,163.00 in QUARTUS ENGINEERING 401(K) 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 QUARTUS ENGINEERING 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’.
QUARTUS ENGINEERING 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute between 1 and 100 percent of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The Company may elect to make discretionary matching contributions to the Plan.
3. Vesting Schedule/Eligibility: Employer contributions vest based on years of service: 25 percent after one year, 50 percent after two years, 75 percent after three years, and 100 percent after four years. Eligibility requires at least 1,000 hours of service in a plan year.
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