S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Contribution & Employer Match
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Contribution & Employer Match
S&B ENGINEERS AND CONSTRUCTORS,LTD. provides the following retirement savings benefits to its employees:
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
277,135.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,330.00 in S & B ENGINEERS AND CONSTRUCTORS, LTD. 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 S & B ENGINEERS AND CONSTRUCTORS, LTD. 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’.
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,499.00 for 20 years would give you extra $95,957.00, assuming a 10% annual return.
S & B ENGINEERS AND CONSTRUCTORS, LTD. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 99% of their eligible compensation, not to exceed the maximum amount allowed by law.
2. Employer Match/Contribution Conditions: The employer matches 100% of the participant’s elective contribution for the pay period up to 3% of the participant’s eligible compensation, and 50% of the contributions for the pay period in excess of 3% but not exceeding 5%.
3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their contributions and the Company’s safe harbor matching contributions. Vesting in the Company’s profit-sharing contribution is 20% per year after two years of service, reaching 100% after six years.
4. Roth 401(k) Contribution: The Plan allows participants to designate some or all of their elective deferrals as Roth elective deferrals.
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