RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Contribution & Employer Match
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Contribution & Employer Match
AMERICAN ENTERPRISE INSTITUTE provides the following retirement savings benefits to its employees:
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Average Participant Retirement Account Value
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Estimated Average Employee Contribution Amount
135,270.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,113.00 in RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE, 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 RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE
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’.
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Total Employer Contribution and Match Rate
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Estimated Average Employer Match
Investing in this additonal $3,050.00 for 20 years would give you extra $195,202.00, assuming a 10% annual return.
RETIREMENT PLAN FOR AMERICAN ENTERPRISE INSTITUTE Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 50% of employee contributions, up to a maximum of $6,000.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 6 years, with eligibility requiring 1,000 hours worked in a year.
4. Roth 401(k) contribution: Yes, it allows Roth 401(k) contributions.
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