SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VII Contribution & Employer Match
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VII Contribution & Employer Match
ENTERGY CORPORATION provides the following retirement savings benefits to its employees:
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 OF ENTERGY CORPORATION AND SUBSIDIARIES VII
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 OF ENTERGY CORPORATION AND SUBSIDIARIES VII Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 50% of their eligible earnings.
2. Employer Match/Contribution Conditions: The employer matches 60% of the participant's before-tax deferral and after-tax contributions made by the participant for a given pay period, which do not exceed 6% of the participant’s eligible earnings.
3. Vesting Schedule/Eligibility: Participants are fully vested at all times in their before-tax deferral, after-tax contributions, defined company contributions, dividend reinvestment, and rollover accounts. They become fully vested in the company matching account after six years of vesting service.
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