RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Contribution & Employer Match

RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Contribution & Employer Match

PROPERTY CASUALTY INSURERS ASSOCIATION OF AMERICA provides the following retirement savings benefits to its employees:

RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION is $358,091.00

RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION is $9,315.00. 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.
596,163.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,315.00 in RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION, 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 RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION

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 EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Total Employer Contribution and Match Rate

In 2023, RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION allocates $2,287,287.00 to match its employees' contributions, providing an employer match rate of 110.11% of their contributions

RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION is approximately $10,211.00
Investing in this additonal $10,211.00 for 20 years would give you extra $653,510.00, assuming a 10% annual return.

RETIREMENT PLAN FOR EMPLOYEES OF AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer up to 100% of their annual eligible compensation, up to the Internal Revenue Code (IRC) limits.

2. Employer Match/Contribution Conditions: The employer matches employee contributions as follows: 100% of the first 3% the employee contributes and 50% of every dollar the employee contributes between 3% and 5%. To receive an additional annual employer contribution known as “the Company Retirement Contribution,” participants must commence employment prior to October 1 of the plan year and be employed on the last day of the plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings. The Company Retirement Contributions become 100% vested after three years of continuous service. The vesting in the Company matching contribution is as follows: 25% after 1 year, 50% after 2 years, 75% after 3 years, and 100% after 4 years of service.

4. Roth 401(k) Contribution: The Plan allows for both pre-tax employee contributions and after-tax employee contributions.

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