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SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

SPAGNOLO/GISNESS & ASSOCIATES, INC. provides the following retirement savings benefits to its employees:

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN is $53,255.00

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN is $6,947.00. 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.
444,646.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,947.00 in SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING 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 SPAGNOLO/GISNESS & ASSOCIATES, INC 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’.

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN allocates $240,042.00 to match its employees' contributions, providing an employer match rate of 24.50% of their contributions

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN is approximately $1,379.00
Investing in this additonal $1,379.00 for 20 years would give you extra $88,291.00, assuming a 10% annual return.

SPAGNOLO/GISNESS & ASSOCIATES, INC 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer provides a discretionary matching contribution equal to 50% up to the first 6% of eligible employee compensation. Employees must be actively employed on the last day of the plan year and work 1,000 hours during the plan year to be entitled to the discretionary profit sharing contribution.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows:

4. - Less than one year: 0%

5. - One year but less than two years: 20%

6. - Two years but less than three years: 40%

7. - Three years but less than four years: 60%

8. - Four years but less than five years: 80%

9. - Five years or more: 100%

10. Participants become fully vested immediately upon death, disability, or retirement.

11. Roth 401(k) contribution: Yes, the plan allows for after-tax (Roth) contributions.

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