THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match
THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Contribution & Employer Match
THE SCOTTS COMPANY LLC provides the following retirement savings benefits to its employees:
THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
226,960.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,546.00 in THE SCOTTS COMPANY LLC RETIREMENT SAVINGS 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 SCOTTS COMPANY LLC 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 SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,231.00 for 20 years would give you extra $206,810.00, assuming a 10% annual return.
THE SCOTTS COMPANY LLC RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 75% of eligible earnings, not to exceed the annual IRS maximum contribution amount.
2. Employer Match/Contribution Conditions: The employer matches 200% of the employees' initial 3% contribution and 50% of their remaining contribution up to 6%. An additional true-up matching contribution may be provided based on total elective contributions and eligible compensation for the Plan year.
3. Vesting Schedule/Eligibility: All participants are immediately vested in their contributions, and employer matching contributions vest immediately. Base retirement contributions made by the Company prior to January 1, 2011 vest after three years of service or immediately upon death, attainment of age 65, or permanent and total disability. All domestic employees are immediately eligible to participate upon the date of hire.
4. Roth 401(k) Contribution: Participants have the option to designate all or any portion of their contributions as after-tax Roth contributions.
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