SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Contribution & Employer Match
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Contribution & Employer Match
NATIONAL TELECOMMUNICATIONS COOPERATIVE ASSOCIATION provides the following retirement savings benefits to its employees:
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Average Participant Retirement Account Value
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Estimated Average Employee Contribution Amount
232,429.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,631.00 in SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS, 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 SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS
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’.
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Total Employer Contribution and Match Rate
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Estimated Average Employer Match
Investing in this additonal $2,389.00 for 20 years would give you extra $152,916.00, assuming a 10% annual return.
SAVINGS PLAN FOR EMPLOYEES OF NTCA AND ITS MEMBERS Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 6% of their salaries to participate in the Plan. Additionally, they may elect to make voluntary post-tax and salary reduction contributions of up to 100% of their salaries, subject to certain constraints.
2. Employer Match/Contribution Conditions: Each Employer contributes annually between 0% and 25% of the salaries of its participating employees, depending on the Plan option adopted. Total contributions (participant and employer) cannot exceed 100% of W-2 compensation for the year or $61,000 in 2022.
3. Vesting Schedule/Eligibility: Participants immediately vest in all contributions to their accounts, plus actual earnings thereon.
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