THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Employer Match
THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Employer Match
PHOENIX HOUSE FOUNDATION INC. provides the following retirement savings benefits to its employees:
THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Average Participant Retirement Account Value
THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Estimated Average Employee Contribution Amount
33,268.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 519.00 in THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN, assuming a 10%* annual return.
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 PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT 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 PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Total Employer Contribution and Match Rate
THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $618.00 for 20 years would give you extra $39,565.00, assuming a 10% annual return.
THE PHOENIX HOUSE FOUNDATION INC TAX DEFERRED ANNUITY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may make pretax contributions to the Plan subject to certain Internal Revenue Service (IRS) limitations.
2. Employer Match/Contribution Conditions: Eligible participants receive non-elective employer contributions equal to 3.5% of eligible compensation, and employer matching contributions calculated at a rate of 50% of the first 5% of the participant’s eligible compensation that is contributed to the Plan.
3. Vesting Schedule/Eligibility: Employer contributions made after January 1, 2016, vest after three or more years of vesting service under a three-year cliff vesting provision. Prior to this amendment, employees hired from January 1, 2006, through December 31, 2015, vest at 20% per year, becoming 100% vested after five years. Employees hired before January 1, 2006, are always 100% vested. Eligibility for employer non-elective and matching contributions requires one year of service and working more than 20 hours per week.
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