SOLAR SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

SOLAR SAVINGS AND INVESTMENT PLAN Contribution & Employer Match

SOLAR TURBINES INCORPORATED provides the following retirement savings benefits to its employees:

SOLAR SAVINGS AND INVESTMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SOLAR SAVINGS AND INVESTMENT PLAN is $257,023.00

SOLAR SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SOLAR SAVINGS AND INVESTMENT PLAN is $6,174.00. 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.
395,146.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,174.00 in SOLAR SAVINGS AND INVESTMENT 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 SOLAR SAVINGS AND INVESTMENT 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’.

SOLAR SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate

In 2023, SOLAR SAVINGS AND INVESTMENT PLAN allocates $7,630,389.00 to match its employees' contributions, providing an employer match rate of 83.17% of their contributions

SOLAR SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SOLAR SAVINGS AND INVESTMENT PLAN is approximately $5,226.00
Investing in this additonal $5,226.00 for 20 years would give you extra $334,482.00, assuming a 10% annual return.

SOLAR SAVINGS AND INVESTMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 15% of their eligible compensation through pre-tax and after-tax contributions.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant 401(k) contributions up to a maximum of 6% of eligible compensation. For certain plan years, an employer non-elective contribution equal to 3% of eligible compensation is provided, requiring the participant to complete 1,000 hours of service and be employed in the bargaining unit on the last day of the applicable plan year.

3. Vesting Schedule/Eligibility: The vesting schedule for employer non-elective contributions is a three-year cliff vesting schedule, meaning participants fully vest after three years of service. Participants are fully vested in their own contributions and employer matching contributions immediately. Eligibility for employer non-elective contributions requires the participant to complete 1,000 hours of service.

4. Roth 401(k) contribution: The plan allows after-tax 401(k) contributions.

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