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THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Contribution & Employer Match

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Contribution & Employer Match

TACOMA SCREW PRODUCTS, INC. provides the following retirement savings benefits to its employees:

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. is $39,947.00

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. is $1,865.00. 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.
119,420.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,865.00 in THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC., 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 THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC.

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’.

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Total Employer Contribution and Match Rate

In 2023, THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. allocates $294,374.00 to match its employees' contributions, providing an employer match rate of 42.18% of their contributions

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. is approximately $766.00
Investing in this additonal $766.00 for 20 years would give you extra $49,062.00, assuming a 10% annual return.

THE 401(K) PROFIT SHARING PLAN OF TACOMA SCREW PRODUCTS, INC. Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to $20,500 for the year ended December 31, 2022, and those aged 50 and over can make additional catch-up contributions of up to $6,500.

2. Employer Match/Contribution Conditions: The employer matches contributions at a safe harbor contribution match of up to 3% of employee contributions. A participant must work for three months to be eligible for the employer matching and profit sharing contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. For the employer's matching contributions, the vesting schedule is based on years of service: 25% after 1 year, 50% after 2 years, 75% after 3 years, and 100% after 4 years. Participants hired prior to January 1, 2022, are fully vested in the Plan for all contributions.

4. Yes, the Plan allows Roth 401(k) contributions.

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