SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST Contribution & Employer Match
SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST Contribution & Employer Match
SHELOR MOTOR MILE, INC. provides the following retirement savings benefits to its employees:
SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST Average Participant Retirement Account Value
SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST Estimated Average Employee Contribution Amount
160,794.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,512.00 in SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST, 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 SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST
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’.
SHELOR AUTOMOTIVE GROUP 401(K) PLAN & PROFIT SHARING TRUST Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a percentage of their compensation as pre-tax deferrals and Roth contributions, with automatic enrollment at 5% and 1% annual increases up to 15% of compensation.
2. Employer Match/Contribution Conditions: The Company’s matching contribution is discretionary. The Company did not contribute to the Plan during 2022 or 2021.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus earnings. Vesting in discretionary employer contributions plus earnings is based on years of service, with 100% vesting after six years of credited service. Eligibility requires six months of service and being at least 18 years of age.
4. Roth 401(k) Contribution: Yes, it allows Roth contributions.
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