SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Contribution & Employer Match

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Contribution & Employer Match

NORTH AMERICAN VAN LINES, INC. provides the following retirement savings benefits to its employees:

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN is $112,194.00

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN is $5,323.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
340,692.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,323.00 in SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) 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’.

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN allocates $2,978,174.00 to match its employees' contributions, providing an employer match rate of 36.78% of their contributions

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN is approximately $1,913.00
Investing in this additonal $1,913.00 for 20 years would give you extra $122,495.00, assuming a 10% annual return.

SIRVA EMPLOYEE SAVINGS PLAN AND TRUST - 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The employer may make a discretionary matching contribution of 35% of the first 6% of compensation deferred.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, and 100% vested in employer contributions after three years of service.

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