THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Contribution & Employer Match
THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Contribution & Employer Match
SHARP ELECTRONICS CORPORATION provides the following retirement savings benefits to its employees:
THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Average Participant Retirement Account Value
THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Estimated Average Employee Contribution Amount
349,704.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,464.00 in THE SHARP EMPLOYEES SAVINGS AND INVESTMENT 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 SHARP EMPLOYEES SAVINGS AND INVESTMENT 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 SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Total Employer Contribution and Match Rate
THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Estimated Average Employer Match
Investing in this additonal $2,203.00 for 20 years would give you extra $141,046.00, assuming a 10% annual return.
THE SHARP EMPLOYEES SAVINGS AND INVESTMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 50% of their eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of a participant's contributions up to 2% of their compensation, and 50% of contributions that exceed 2% but do not exceed 6% of a participant's compensation.
3. Vesting Schedule/Eligibility: The employer's matching contributions become vested based on years of service: 50% after Year 1, 75% after Year 2, and 100% after Year 3. Eligible employees must have attained 21 years of age.
4. It allows Roth 401(k) contribution.
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