SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Contribution & Employer Match

How SPENCER SAVINGS BANK SLA Supports Your Retirement Savings

SPENCER SAVINGS BANK SLA provides retirement savings benefits through SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN is $123,279.00

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN is $9,896.00. 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.
633,357.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,896.00 in SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2024, SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN allocates $1,109,056.00 to match its employees’ contributions, providing an employer match rate of 57.03% of their contributions

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN is approximately $2,822.00
Investing in this additonal $2,822.00 for 20 years would give you extra $180,609.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Contribution & Match Policy

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Plan Policies

SPENCER SAVINGS BANK SLA SAVINGS RETIREMENT PLAN Contribution, Match and Other Plan Policies

  • Participants may elect to have up to 100% of compensation contributed to this Plan on a pretax salary reduction basis.
  • A participant may elect to defer a percentage of their compensation subject to certain Internal Revenue Code (IRC) limitations, which is $23,000 in calendar year 2024.
  • If a participant is age 50 or older, the participant may make additional pretax deferral contributions of up to $7,500 in year ended December 31, 2024.
  • Eligible employees are automatically enrolled in the Plan with a 3% contribution rate that will automatically increase by 1% annually, up to a maximum of 6%, unless participants elect otherwise.
  • For each Plan year, the Company shall contribute, with respect to each participant, a matching contribution equal to the following: i.
  • For a participant who has not reached the fifth anniversary of the date of hire, fifty percent (50%) of such participant’s salary deferral contribution (up to a maximum of 10% of compensation) made to the Plan.
  • For a participant who has reached the fifth anniversary of the date of hire, one hundred percent (100%) of such participant’s salary deferral contribution (up to a maximum of 10% of compensation) made to the Plan.
  • Participants become 20% vested in the matching Company contribution portion of their accounts after completion of two years of service, increasing 20% for every year of service completed thereafter and become 100% vested in their benefits after completion of six years of service.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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