SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Contribution & Employer Match
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Contribution & Employer Match
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK provides the following retirement savings benefits to its employees:
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Average Participant Retirement Account Value
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
46,987.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 734.00 in SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' 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 SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' 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’.
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Total Employer Contribution and Match Rate
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $501.00 for 20 years would give you extra $32,104.00, assuming a 10% annual return.
SECURITY MUTUAL LIFE INSURANCE COMPANY OF NEW YORK CAREER AGENTS' PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to defer their compensation into the Plan up to statutory amounts allowed by the Internal Revenue Code, which includes a maximum “catch-up” contribution defined annually.
2. Employer Match/Contribution Conditions: The Sponsor's contribution is based on a percentage of participants' compensation earned and paid during the Plan year, less non-vested benefits forfeited by terminated participants.
3. Vesting Schedule/Eligibility: Participants are fully vested in their compensation deferral balances at all times. The vesting schedule for the Sponsor contribution is: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years. Eligibility requires completion of one calendar year of service and being a career agent under a contract with the Sponsor.
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