THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Contribution & Employer Match

THE DAVE THOMAS FAMILY COMPANIES, LLC provides the following retirement savings benefits to its employees:

THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN is $13,907.00

THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN is $480.00. 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.
30,769.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 480.00 in THE DAVE THOMAS FAMILY COMPANIES, LLC 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 DAVE THOMAS FAMILY COMPANIES, LLC 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 DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN allocates $232,542.00 to match its employees' contributions, providing an employer match rate of 72.95% of their contributions

THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN is approximately $356.00
Investing in this additonal $356.00 for 20 years would give you extra $22,791.00, assuming a 10% annual return.

THE DAVE THOMAS FAMILY COMPANIES, LLC 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may make voluntary salary deferral contributions up to 100% of pretax annual compensation, up to the maximum amount imposed by the IRS not to exceed $20,500 for 2022. Employees 50 years of age and older are allowed to contribute an additional $6,500 to the Plan for 2022.

2. Employer Match/Contribution Conditions: The Company may elect to make a discretionary employer match or profit sharing contribution as a percentage of participant deferrals or eligible compensation. For 2022, certain Companies elected to make an employer matching contribution of 100% of participant deferrals, up to 3%, and 50% of participant deferrals from 3% to 5%, not to exceed 4%.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions and employer contributions and the actual earnings thereon. Employees are eligible for participation upon attaining the age of 21 and completion of 1,000 hours of service in a twelve-month period.

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