SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Contribution & Employer Match

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Contribution & Employer Match

SULPHUR SPRINGS BANCSHARES, INC. provides the following retirement savings benefits to its employees:

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS is $77,240.00

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS is $3,308.00. 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.
211,725.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,308.00 in SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS, 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 SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS

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’.

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Total Employer Contribution and Match Rate

In 2023, SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS allocates $358,778.00 to match its employees' contributions, providing an employer match rate of 36.83% of their contributions

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS is approximately $1,083.00
Investing in this additonal $1,083.00 for 20 years would give you extra $69,370.00, assuming a 10% annual return.

SULPHUR SPRINGS BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(K) PROVISIONS Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their compensation.

2. Employer Match/Contribution Conditions: The employer may match contributions at a rate of $0.50 for every dollar of salary deferral made up to 6% of the participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus earnings. Employer discretionary matching contributions vest immediately, and discretionary profit-sharing contributions fully vest after six years based on a graded scale.

4. Roth 401(k) contribution: Yes, the plan allows Roth elective deferral contributions.

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