RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Contribution & Employer Match
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Contribution & Employer Match
RBC USA HOLDCO CORPORATION provides the following retirement savings benefits to its employees:
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Average Participant Retirement Account Value
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Estimated Average Employee Contribution Amount
779,830.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,184.00 in RBC- U.S.A. RETIREMENT AND SAVINGS 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 RBC- U.S.A. RETIREMENT 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’.
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Total Employer Contribution and Match Rate
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $4,715.00 for 20 years would give you extra $301,781.00, assuming a 10% annual return.
RBC- U.S.A. RETIREMENT AND SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 50% of their compensation to the Plan on a pretax basis or on an after-tax basis to their Roth 401(k) account, and may also contribute up to 5% of their compensation on an after-tax basis.
2. Employer Match/Contribution Conditions: The employer matches contributions dollar-for-dollar for every dollar of a participant’s pretax or after-tax Roth 401(k) contribution, up to a maximum of 6% of participant compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their pretax contributions, Roth 401(k) contributions, after-tax contributions, and rollover contributions. They are 25% vested in the fixed employer matching contributions after two years of service and become fully vested after five years of service. All participants become fully vested upon death, disability, attaining retirement age, or if the Plan is terminated.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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