SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match
SMS DATA PRODUCTS GROUP, INC. provides the following retirement savings benefits to its employees:
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
444,377.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,943.00 in SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT 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 SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT 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’.
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,616.00 for 20 years would give you extra $103,424.00, assuming a 10% annual return.
SMS DATA PRODUCTS GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100% of pre-tax or after-tax annual compensation including bonuses.
2. Employer Match/Contribution Conditions: The employer makes a discretionary matching contribution of 50% of a participant’s elective deferral up to the first 6% of compensation deferred. The Plan excludes from the calculation of the matching contribution compensation in excess of $150,000.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is based on years of service: 0% vested for less than 2 years, 50% vested for 2 to 3 years, and 100% vested for 3 or more years. For discretionary contributions, the vesting schedule is: 0% vested for 0 to 1 year, 20% vested for 2 years, 40% vested for 3 years, 60% vested for 4 years, 80% vested for 5 years, and 100% vested for 6 or more years. Additionally, participants are fully vested upon attainment of age 65, age 55 with 2 years of service, death, total and permanent disability, or if the Plan is terminated.
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