TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) PLAN Contribution & Employer Match
TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) PLAN Contribution & Employer Match
TOMARCO CONTRACTOR SPECIALTIES, INC. provides the following retirement savings benefits to its employees:
TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) PLAN Average Participant Retirement Account Value
TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
325,041.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,078.00 in TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) 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 TOMARCO CONTRACTOR SPECIALTIES, 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’.
TOMARCO CONTRACTOR SPECIALTIES, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute a certain percentage of their pretax annual compensation, with an auto-enrollment deferral rate set at 3% and a maximum deferral rate of 6%.
2. Employer Match/Contribution Conditions: The Employer may match a fixed amount or a set percentage of each eligible employee’s contribution at its discretion, but no Employer contributions were made for the years ended December 31, 2022, and 2021.
3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions and actual earnings. Vesting in the Employer’s matching contributions is in annual increments of 20%, reaching 100% by the sixth year of credited service. Eligibility requires completion of 2 months of service.
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