TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Contribution & Employer Match

TEAM BRANDT, LLC provides the following retirement savings benefits to its employees:

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN is $114,189.00

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN is $6,391.00. 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.
409,080.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,391.00 in TEAM BRANDT, LLC 401(K) AND PROFIT SHARING 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 TEAM BRANDT, LLC 401(K) AND 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’.

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN allocates $1,489,102.00 to match its employees' contributions, providing an employer match rate of 35.38% of their contributions

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN is approximately $2,109.00
Investing in this additonal $2,109.00 for 20 years would give you extra $134,989.00, assuming a 10% annual return.

TEAM BRANDT, LLC 401(K) AND PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum dollar amount as determined by the Federal government, which was $20,500 in 2022 and $19,500 in 2021, with an additional catch-up contribution of up to $6,500 for those age 50 or older.

2. Employer Match/Contribution Conditions: The employer makes a safe harbor contribution equal to 3% of each participant's compensation for the Plan year. Eligibility for discretionary employer contributions requires employees to have completed 1,000 hours of service during a Plan year.

3. Vesting Schedule/Eligibility: The vesting schedule for employer discretionary contributions is as follows: 10% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 or more years of service. Eligibility requirements include completing at least one year of service and at least 1,000 hours of service per year.

4. Allows Roth 401(k) contribution: [Not provided]

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