RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Contribution & Employer Match

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Contribution & Employer Match

RITCHIE BROS. AUCTIONEERS AMERICA, INC provides the following retirement savings benefits to its employees:

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN is $1,368.00

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN is $5,376.00. 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.
344,099.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,376.00 in RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN, 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 RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 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’.

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN allocates $3,491,478.00 to match its employees' contributions, providing an employer match rate of 33.69% of their contributions

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN is approximately $1,623.00
Investing in this additonal $1,623.00 for 20 years would give you extra $103,884.00, assuming a 10% annual return.

RITCHIE BROS. AUCTIONEERS AMERICA, INC. CASH OR DEFERRED 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their eligible compensation to the plan.

2. Employer Match/Contribution Conditions: The employer matches 50% of employees’ salary deferral amounts, up to a maximum of $4,500 for the year ended December 31, 2022, and $4,000 for the year ended December 31, 2021.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and the Company’s contribution portion of their accounts plus earnings thereon.

4. Roth 401(k) Contribution: The text does not provide information on whether Roth 401(k) contributions are allowed.

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