RUBIES II, LLC 401(K) RETIREMENT PLAN Contribution & Employer Match
RUBIES II, LLC 401(K) RETIREMENT PLAN Contribution & Employer Match
RUBIES II, LLC provides the following retirement savings benefits to its employees:
RUBIES II, LLC 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
RUBIES II, LLC 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
53,345.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 833.00 in RUBIES II, LLC 401(K) RETIREMENT 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 RUBIES II, LLC 401(K) 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’.
RUBIES II, LLC 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 50% of their annual compensation to the plan.
2. Employer Match/Contribution Conditions: The Company may elect to make a discretionary employer matching contribution or a discretionary profit-sharing contribution, but participants must be employed on the last day of the Plan year to share in the allocation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and rollover contributions. Vesting for employer contributions is based on years of service: 0% for less than 1 year, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 years or more of service. Eligibility requires employees to be at least 21 years old and have 1 year of service of at least 1,000 hours.
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