THE SCOTT FETZER RETIREMENT SAVINGS PLAN Contribution & Employer Match

THE SCOTT FETZER RETIREMENT SAVINGS PLAN Contribution & Employer Match

THE SCOTT FETZER COMPANY provides the following retirement savings benefits to its employees:

THE SCOTT FETZER RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE SCOTT FETZER RETIREMENT SAVINGS PLAN is $55,896.00

THE SCOTT FETZER RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE SCOTT FETZER RETIREMENT SAVINGS PLAN is $2,480.00. 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.
158,731.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,480.00 in THE SCOTT FETZER 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 SCOTT FETZER 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 SCOTT FETZER RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE SCOTT FETZER RETIREMENT SAVINGS PLAN allocates $1,171,288.00 to match its employees' contributions, providing an employer match rate of 32.60% of their contributions

THE SCOTT FETZER RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE SCOTT FETZER RETIREMENT SAVINGS PLAN is approximately $774.00
Investing in this additonal $774.00 for 20 years would give you extra $49,545.00, assuming a 10% annual return.

THE SCOTT FETZER RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute from 1 percent to 50 percent of pretax annual compensation for non-highly compensated participants, and from 1 percent to 8 percent of pretax annual compensation for highly compensated participants. Non-highly compensated participants may also contribute up to 8 percent of their after-tax annual compensation.

2. Employer Match/Contribution Conditions: Hourly employees receive an employer match equal to 50 percent of the first 6 percent of base compensation that a participant contributes, and salaried employees receive a match of at least 35 percent of the first 6 percent of base compensation. The employer may increase the matching provision up to 50 percent or as determined at their discretion.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the employer’s contributions is based on years of continuous service, with participants being 100 percent vested after three years of credited service.

4. Roth 401(k) Contribution: The Plan adopted an after-tax (Roth) deferral provision effective January 1, 2019.

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