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ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Contribution & Employer Match

ROMER BEVERAGE COMPANY provides the following retirement savings benefits to its employees:

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN is $7,279.00

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN is $904.00. 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.
57,858.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 904.00 in ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT 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 ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT 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’.

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2022, ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN allocates $72,126.00 to match its employees' contributions, providing an employer match rate of 63.83% of their contributions

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN is approximately $563.00
Investing in this additonal $563.00 for 20 years would give you extra $36,063.00, assuming a 10% annual return.

ROMER BEVERAGE COMPANY EMPLOYEES' RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants are permitted to elect to have a percentage, limited by Plan provisions, of their compensation contributed as pre-tax 401(k) or Roth contributions to the Plan.

2. Employer Match/Contribution Conditions: The Company contributed a matching contribution that matched 100% of the participant’s contribution up to 3% of the participant’s eligible plan compensation, plus 50% of the participant’s contribution over 3% to a maximum of 5%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, with Company contributions vesting at 20% after two years of service, an additional 20% for each year thereafter, and 100% vesting after six years of credited service. Participants are fully vested upon reaching normal retirement age, death, or suffering a disability.

4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions.

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