SUMMERSALT INC. 401(K) PLAN Contribution & Employer Match

How SUMMERSALT INC. Supports Your Retirement Savings

SUMMERSALT INC. provides retirement savings benefits through SUMMERSALT INC. 401(K) 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.

SUMMERSALT INC. 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for SUMMERSALT INC. 401(K) PLAN is $8,697.00

SUMMERSALT INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for SUMMERSALT INC. 401(K) PLAN is $4,347.00. 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.
278,208.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,347.00 in SUMMERSALT INC. 401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in SUMMERSALT INC. 401(K) 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.

* 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.

SUMMERSALT INC. 401(K) PLAN Contribution & Match Policy

SUMMERSALT INC. 401(K) PLAN Plan Policies

SUMMERSALT INC. 401(K) PLAN Contribution, Match and Other Plan Policies

  • Each year, participants may contribute up to 100% of eligible annual compensation, as defined in the Plan, provided that such contributions do not exceed the limitations under the Code for 2024 of $23,000, plus a maximum of $7,500 in catch-up contributions for participants who have attained age 50 before the end of the Plan year.
  • Contributions may be made as a pre-tax deferral or after-tax (Roth) deferral.
  • The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan.
  • Automatically enrolled participants have their deferral rate set at 3% of eligible compensation.
  • The Sponsor may make discretionary matching contributions in an amount to be determined by the Sponsor and allocated to participants based on the ratio of the eligible compensation to the total compensation paid to all eligible participants.
  • During the year ended December 31, 2024, there were no discretionary contributions made by the Sponsor.
  • Participants are immediately vested in their salary deductions and rollover contributions plus actual earnings or losses thereon. Vesting in the Sponsor’s matching contributions portion of their accounts is based on years of continuous service as follows: Years of Service Vesting
  • Less than 1 years: 0%
  • 1-2 years: 25%
  • 2-3 years: 50%
  • 3-4 years: 75%
  • 4+ years: 100%
  • In addition, participants become 100% vested with respect to the Sponsor’s contributions upon death, disability or the attainment of age 65 while employed by the Sponsor.

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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