THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

THE MYERS-BRIGGS COMPANY provides the following retirement savings benefits to its employees:

THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN is $168,374.00

THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN is $10,147.00. 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.
649,422.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,147.00 in THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS 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 MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS 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 MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN allocates $611,860.00 to match its employees' contributions, providing an employer match rate of 35.89% of their contributions

THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN is approximately $3,578.00
Investing in this additonal $3,578.00 for 20 years would give you extra $229,000.00, assuming a 10% annual return.

THE MYERS-BRIGGS COMPANY 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible participants may elect to contribute up to 90% of their eligible compensation to the Plan.

2. Employer Match/Contribution Conditions: The Plan provides for discretionary employer matching contributions determined by the employer each Plan year. The Company may also make discretionary non-elective contributions.

3. Vesting Schedule/Eligibility: Participants are fully vested in their contributions and all earnings on those contributions. Participants vest in the Company’s contributions upon the completion of three years of service based on the following schedule: 1 year - 20%, 2 years - 50%, 3 years - 100%. Eligibility requires employees to be at least eighteen years old and excludes certain employees covered under collective bargaining agreements or who are leased employees or non-resident aliens.

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