THE GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & TRUST Contribution & Employer Match
THE GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & TRUST Contribution & Employer Match
GARLAND INDUSTRIES, INC provides the following retirement savings benefits to its employees:
THE GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & TRUST Average Participant Retirement Account Value
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & 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 GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & TRUST Estimated Average Employer Match
Investing in this additonal $24,880.00 for 20 years would give you extra $1,592,380.00, assuming a 10% annual return.
THE GARLAND INDUSTRIES, INC. EMPLOYEE STOCK OWNERSHIP PLAN & TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employee contributions to the Plan are not permitted.
2. Employer Match/Contribution Conditions: The employer's Board of Directors has discretion as to the amount of contributions, provided that contributions must be sufficient for the repayment by the Trust of indebtedness incurred for purchasing Company stock.
3. Vesting Schedule/Eligibility: A participant vests 20% at two years of service and 20% per year of service thereafter. Eligibility requires one year of service with at least 1,000 hours worked during the Plan year.
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