SMART SOURCE 401(K) & PROFIT SHARING PLAN Contribution & Employer Match
SMART SOURCE 401(K) & PROFIT SHARING PLAN Contribution & Employer Match
SMART SOURCE, LLC provides the following retirement savings benefits to its employees:
SMART SOURCE 401(K) & PROFIT SHARING PLAN Average Participant Retirement Account Value
SMART SOURCE 401(K) & PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
289,364.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,521.00 in SMART SOURCE 401(K) & 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 SMART SOURCE 401(K) & 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’.
SMART SOURCE 401(K) & PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of compensation, limited to the maximum amount allowed by law for the Plan year.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions based on the participant's elective deferrals, and the amount may be adjusted each year. Starting July 1, 2023, the employer will match 50% of elective deferral contributions up to 6% of compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings. Vesting in the employer's contributions is based on years of continuous service: 20% after one year and 100% after five years of credited service. Employees are eligible to contribute after completing 60 days of service.
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