SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Contribution & Employer Match
SANTA CRUZ BIOTECHNOLOGY, INC. provides the following retirement savings benefits to its employees:
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Average Participant Retirement Account Value
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
106,002.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,656.00 in SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING 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 SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING 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’.
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $348.00 for 20 years would give you extra $22,314.00, assuming a 10% annual return.
SANTA CRUZ BIOTECHNOLOGY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute between 1% and 90% of eligible compensation up to the maximum amount permitted under applicable Internal Revenue Service (IRS) provisions.
2. Employer Match/Contribution Conditions: The Plan requires a nondiscretionary matching contribution equal to 40% of an employee’s contributions limited to 5% of eligible compensation during the year. Participants must complete 1,000 hours of service and be employed on the last day of the year to be eligible for discretionary matching contributions.
3. Vesting Schedule/Eligibility: Vesting in the Company’s matching contribution is based on years of continuous service: 0% for less than 2 years, 25% for 2 years, 50% for 3 years, 75% for 4 years, and 100% for 5 years or more. Participants must complete 1,000 hours of service.
4. Roth 401(k) contribution: Not stated.
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