SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Contribution & Employer Match
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Contribution & Employer Match
SYSTEMS & TECHNOLOGY RESEARCH provides the following retirement savings benefits to its employees:
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Average Participant Retirement Account Value
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Estimated Average Employee Contribution Amount
1,090,221.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 17,034.00 in SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T, 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 SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T
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’.
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Total Employer Contribution and Match Rate
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Estimated Average Employer Match
Investing in this additonal $13,593.00 for 20 years would give you extra $870,009.00, assuming a 10% annual return.
SYSTEMS & TECHNOLOGY RESEARCH 401(K) PROFIT SHARING PLAN AND T Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to a certain percentage of their pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the participant’s elective deferrals not to exceed 3% of the participant’s compensation and 50% of the participant’s elective deferrals exceeding 3% but not to exceed 5% of the participant’s compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe harbor employer matching contributions. Profit-sharing contributions vest based on years of service: 0% for less than 1 year, 25% for 1 year but less than 2, 50% for 2 years but less than 3, 75% for 3 years but less than 4, and 100% for over 4 years. Participants become fully vested in their account if they are employed by the Company on or after age 65, incur a permanent total disability, or die while employed.
4. Roth 401(k) Contribution: The Plan allows contributions to be designated as after-tax Roth deferral contributions.
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