THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Contribution & Employer Match

THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Contribution & Employer Match

THE CITIZENS BANK OF PHILADELPHIA provides the following retirement savings benefits to its employees:

THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST is $82,319.00

THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST is $3,350.00. 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.
214,419.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,350.00 in THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST, 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 CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST

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 CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST allocates $707,508.00 to match its employees' contributions, providing an employer match rate of 62.39% of their contributions

THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST is approximately $2,087.00
Investing in this additonal $2,087.00 for 20 years would give you extra $133,570.00, assuming a 10% annual return.

THE CITIZENS BANK PROFIT SHARING AND SAVINGS PLAN AND TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a minimum of 3 percent of their salary to the plan unless they opt out or enroll themselves during the 30-day waiting period.

2. Employer Match/Contribution Conditions: The Sponsor may make discretionary matching contributions based on the employee’s eligible compensation deferred into the Plan each payroll period. Additionally, the Sponsor makes a safe-harbor profit-sharing contribution equal to 3 percent of all participants’ eligible compensation, regardless of deferral contributions.

3. Vesting Schedule/Eligibility: Employer matching contributions vest according to the following schedule: Less than 3 years of service - 0% vested; 3 years or more - 100% vested. Eligibility for employer contributions requires employees to be at least 21 years old, employed for at least 12 months, and have accrued at least 1,000 work hours.

4. Roth 401(k) Contribution: The plan allows participants to designate some or all of their deferral contributions as Roth deferral contributions at the time they make their election.

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