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THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Contribution & Employer Match

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Contribution & Employer Match

THYSSENKRUPP SYSTEM ENGINEERING, INC. provides the following retirement savings benefits to its employees:

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN is $202,834.00

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN is $5,599.00. 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.
358,369.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,599.00 in THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) 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 THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) 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’.

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN allocates $414,237.00 to match its employees' contributions, providing an employer match rate of 26.66% of their contributions

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN is approximately $1,557.00
Investing in this additonal $1,557.00 for 20 years would give you extra $99,666.00, assuming a 10% annual return.

THYSSENKRUPP SYSTEM ENGINEERING, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, subject to the limits imposed by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 50 percent of the participant's contribution, not to exceed 8 percent of the participant's deferred compensation.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. Vesting in the Company's contributions is based on years of service, with full vesting after three years of service.

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