SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Contribution & Employer Match

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Contribution & Employer Match

SLADE GORTON & CO., INC. provides the following retirement savings benefits to its employees:

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN is $5.00

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN is $2,841.00. 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.
181,836.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,841.00 in SLADE GORTON & CO., INC. 401(K) SAVINGS 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 SLADE GORTON & CO., INC. 401(K) SAVINGS 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’.

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN allocates $26,836.00 to match its employees' contributions, providing an employer match rate of 7.94% of their contributions

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN is approximately $250.00
Investing in this additonal $250.00 for 20 years would give you extra $16,051.00, assuming a 10% annual return.

SLADE GORTON & CO., INC. 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 60% of their pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches participant contributions at 100% up to $1,000, with eligibility requiring one full year of service, at least 1,000 hours in the year, and employment at the company on the last day of the year. Exceptions are made for participants who become deceased, disabled, or retire during the year.

3. Vesting Schedule/Eligibility: Employer contributions vest according to the following schedule: 0% for less than 2 years, 20% for 2 but less than 3 years, 40% for 3 but less than 4 years, 60% for 4 but less than 5 years, 80% for 5 but less than 6 years, and 100% for 6 or more years. Eligibility for participation does not require any years of service after a change in September 2022.

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