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SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Contribution & Employer Match

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Contribution & Employer Match

SPRENGER ENTERPRISES, INC. provides the following retirement savings benefits to its employees:

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Average Participant Retirement Account Value

In 2021, the average participant retirement account value for SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT is $7,288.00

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT is $254.00. 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.
16,292.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 254.00 in SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT, 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 SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT

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’.

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Total Employer Contribution and Match Rate

In 2021, SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT allocates $600,478.00 to match its employees' contributions, providing an employer match rate of 58.65% of their contributions

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT is approximately $149.00
Investing in this additonal $149.00 for 20 years would give you extra $9,555.00, assuming a 10% annual return.

SPRENGER RETIREMENT CENTERS EMPLOYEES' RETIREMENT Contribution & Match Policy

1. Employee Contribution Rates: Participants can elect to contribute the maximum amount (set by the Internal Revenue Service) of their eligible compensation on a pre-tax or post-tax (Roth) basis.

2. Employer Match/Contribution Conditions: A 100% match of each participant’s elective contribution up to 3% of compensation, and a 50% match for elective contributions greater than 3% up to 5% of compensation. Employees must complete a 12-month period of service to be eligible to receive matching contributions.

3. Vesting Schedule/Eligibility: Participants are 100% vested in all employer matching contributions made under the safe harbor provisions. Employees must complete a 12-month period of service to be eligible to receive matching contributions. The vesting schedule for additional discretionary contributions is: less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years and thereafter - 100%.

4. It allows Roth 401(k) contribution.

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