THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Contribution & Employer Match

THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Contribution & Employer Match

THE INSPIRATIONAL NETWORK, INC. provides the following retirement savings benefits to its employees:

THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN is $60,461.00

THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN is $8,475.00. 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.
542,454.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,475.00 in THE INSPIRATIONAL NETWORK 401(K) BENEFIT 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 INSPIRATIONAL NETWORK 401(K) BENEFIT 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 INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Total Employer Contribution and Match Rate

In 2023, THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN allocates $2,478,882.00 to match its employees' contributions, providing an employer match rate of 54.87% of their contributions

THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN is approximately $3,331.00
Investing in this additonal $3,331.00 for 20 years would give you extra $213,237.00, assuming a 10% annual return.

THE INSPIRATIONAL NETWORK 401(K) BENEFIT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute between 1% and 100% of their annual compensation, up to a maximum of $20,500 in 2022.

2. Employer Match/Contribution Conditions: The Company matches employee contributions on a discretionary basis. For the period from January 1, 2022, to August 26, 2022, the match was 100% of the first 2% of each participant’s compensation contributed and 50% of the next 4%. From September 9, 2022, through December 31, 2022, the match was 100% of the first 3% and 50% of the next 4% of compensation contributed.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings. Vesting in employer-matching contributions is based on years of service: 100% vested at normal retirement age (age 65), with 20% vesting after two years of service, increasing 20% each year until fully vested after six years of service.

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