THE TOWBES GROUP SALARY SAVINGS PLAN Contribution & Employer Match
THE TOWBES GROUP SALARY SAVINGS PLAN Contribution & Employer Match
THE TOWBES GROUP, INC. provides the following retirement savings benefits to its employees:
THE TOWBES GROUP SALARY SAVINGS PLAN Average Participant Retirement Account Value
THE TOWBES GROUP SALARY SAVINGS PLAN Estimated Average Employee Contribution Amount
267,373.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,177.00 in THE TOWBES GROUP SALARY 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 TOWBES GROUP SALARY 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 TOWBES GROUP SALARY SAVINGS PLAN Total Employer Contribution and Match Rate
THE TOWBES GROUP SALARY SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $2,133.00 for 20 years would give you extra $136,550.00, assuming a 10% annual return.
THE TOWBES GROUP SALARY SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute 100% of their annual pretax wages up to the amount as defined in the Plan.
2. Employer Match/Contribution Conditions: The Employer will contribute annually a 100% match of the employee’s contribution not to exceed 5% of the employee’s eligible salary.
3. Vesting Schedule/Eligibility: Employer contributions and earnings are vested over a six-year period: 20% after two years of service, an additional 20% for each year of service thereafter, with 100% vesting after six years of service. Eligibility for contributions includes all employees who have attained age 21 and are not excluded employees.
Recent Articles
- August 2025 MyPlanIQ Portfolio Update
- The Most Reliable Retirement Savings: Why $1.8 Million is a Popular Lie
- The Most Reliable Retirement Savings Amount You Need in 2025
- The Best Age (62, 67, or 70) to Claim Your Social Security Benefits
- Retirement Withdrawals in Optimal Order
- Best Strategy to Withdraw Funds in Retirement
- Retirement Milestone Cheat Sheet
- Savings Hacks
- July 2025 MyPlanIQ Portfolio Update
Free newsletters
High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more ...
Puzzled on what to invest?
- We ask a few questions to decide your personal return and risk expectations
- We build a custom portfolio for your plan (401(k), 403(b), 529 ...) or for a brokerage account
- We monitor and send timely rebalance emails on what investment funds to buy and sell
Looking for ideas to generate income?
- ETF or mutual fund income portfolios for 4-7% annual income
- Dividend stock funds
- Passive real estate investments
- more ...
Portfolio Calculator (Simulator)
Customize Asset Allocation Portfolios
Retirement Calculator
Investment Calculator
Looking for a (forgotten) 401(k)?
Find plan contact info, plan expenses, investment options, rollover your old plan, or learn how to select investments on your 401k plan ...