SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Contribution & Employer Match

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Contribution & Employer Match

SUMITOMO MITSUI BANKING CORPORATION provides the following retirement savings benefits to its employees:

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN is $132,515.00

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN is $15,020.00. 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.
961,338.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 15,020.00 in SUMITOMO MITSUI BANKING CORPORATION 401(K) 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 SUMITOMO MITSUI BANKING CORPORATION 401(K) 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’.

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN allocates $19,991,229.00 to match its employees' contributions, providing an employer match rate of 33.99% of their contributions

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN is approximately $4,274.00
Investing in this additonal $4,274.00 for 20 years would give you extra $273,559.00, assuming a 10% annual return.

SUMITOMO MITSUI BANKING CORPORATION 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of their annual compensation.

2. Employer Match/Contribution Conditions: The Bank will match $1.00 for each $1.00 participant pretax and after-tax contribution, up to 3% of the participant’s compensation for eligible participants who have attained six months of service and age 21.

3. Vesting Schedule/Eligibility: Vesting in the Bank’s contribution portion is based on continuous years of service: 0% for less than 1 year, 20% for 1 year but less than 2, 40% for 2 years but less than 3, 60% for 3 years but less than 4, 80% for 4 years but less than 5, and 100% for 5 years or more. An active participant becomes 100% vested upon death, total and permanent disability, or attainment of retirement age.

4. Roth 401(k) contribution is allowed.

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