R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Employer Match
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Employer Match
R. H. BARRINGER DISTRIBUTING CO., INC. provides the following retirement savings benefits to its employees:
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
195,397.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,053.00 in R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT 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 R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT 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’.
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,169.00 for 20 years would give you extra $74,849.00, assuming a 10% annual return.
R.H BARRINGER DISTRIBUTING COMPANY INC. EMPLOYEES RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a portion of their annual wages, not to exceed $20,500 for the year ended December 31, 2022, plus $6,500 additional catch-up for age 50 and over.
2. Employer Match/Contribution Conditions: The employer will contribute a matching amount based on a percentage of the participant's compensation as determined each year. The employer may also contribute an additional discretionary amount based on its net profits.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings. Vesting in the employer's matching contributions and discretionary additional contribution is based on years of continuous service, with 100% vesting after three (3) years of credited service.
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