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THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE AMERICAN NATIONAL BANK OF TEXAS provides the following retirement savings benefits to its employees:

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN is $90,906.00

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN is $4,963.00. 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.
317,639.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,963.00 in THE AMERICAN NATIONAL BANK OF TEXAS 401(K) 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 THE AMERICAN NATIONAL BANK OF TEXAS 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’.

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN allocates $1,603,939.00 to match its employees' contributions, providing an employer match rate of 48.49% of their contributions

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN is approximately $2,358.00
Investing in this additonal $2,358.00 for 20 years would give you extra $150,958.00, assuming a 10% annual return.

THE AMERICAN NATIONAL BANK OF TEXAS 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 50% of pre-tax annual compensation.

2. Employer Match/Contribution Conditions: The Company matches deferrals equal to 100% of a participant’s salary deferral up to 3% of the participant’s compensation, and matches an additional 50% of the participant’s salary deferral to the extent such deferrals exceed 3% but do not exceed 5% of participant’s compensation. The Company may also make discretionary profit-sharing contributions each year.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their salary deferral, rollover, and employer matching contributions at all times. Vesting in the profit-sharing portion follows a schedule based on years of service: less than 2 years - 0%, 2 years - 20%, 3 years - 40%, 4 years - 60%, 5 years - 80%, 6 years - 100%. To be eligible for employer profit-sharing, participants must have completed one thousand hours of service and be employed on the last day of the Plan year or die, retire, or become disabled during the Plan year.

4. Roth 401(k) contribution: Not stated.

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