SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Employer Match
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Employer Match
S.W. ELECTRONICS AND MANUFACTURING CORPORATION provides the following retirement savings benefits to its employees:
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
61,354.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 958.00 in SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING 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 SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING 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’.
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $79.00 for 20 years would give you extra $5,105.00, assuming a 10% annual return.
SW ELECTRONICS AND MANUFACTURING CORPORATION 401(K) PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute any amount of compensation, as defined and subject to the Internal Revenue Code.
2. Employer Match/Contribution Conditions: The employer may make matching contributions equal to a uniform percentage of each participant’s salary reduction contributions, limited to 8% of the employee pre-tax plan contributions for 2022.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the Sponsor's contributions is based on years of service: 100% vested after six years of credited service.
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