THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Contribution & Employer Match
THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Contribution & Employer Match
KORTE CONSTRUCTION COMPANY provides the following retirement savings benefits to its employees:
THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Average Participant Retirement Account Value
THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Estimated Average Employee Contribution Amount
551,410.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,615.00 in THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT 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 RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT 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 RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Total Employer Contribution and Match Rate
THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Estimated Average Employer Match
Investing in this additonal $1,806.00 for 20 years would give you extra $115,598.00, assuming a 10% annual return.
THE RALPH KORTE ENTERPRISES PROFIT-SHARING/THRIFT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute from 1% to 60% of eligible compensation.
2. Employer Match/Contribution Conditions: The Company matched 50% of the first 4% of employee compensation deferred, plus an additional 0.25% for every 1% of employee compensation deferred after that point, up to a maximum of 3%.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their salary deferrals and rollover contributions. Vesting of Company contributions is based on years of service: 20% vested after the first year, increasing 20% each year thereafter, with full vesting after five years of service, attainment of normal retirement age (age 65), disability, or death.
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