SPHERO RETIREMENT SAVINGS PLAN Contribution & Employer Match
SPHERO RETIREMENT SAVINGS PLAN Contribution & Employer Match
SPHERO, INC. provides the following retirement savings benefits to its employees:
SPHERO RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
SPHERO RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
421,583.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,587.00 in SPHERO RETIREMENT SAVINGS 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 SPHERO RETIREMENT SAVINGS 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’.
SPHERO RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 100% of their pretax annual compensation.
2. Employer Match/Contribution Conditions: Discretionary matching contributions; participants must work 1,000 hours in the plan year and be employed on the last day of the plan year to receive the contribution.
3. Vesting Schedule/Eligibility: Immediate vesting for employee contributions and employer qualified non-elective contributions; for discretionary contributions, vesting is based on years of continuous service: 0% after less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years. Eligibility requires 30 days of service and being at least 21 years of age.
4. The Plan allows Roth 401(k) contributions.
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