TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Contribution & Employer Match
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Contribution & Employer Match
TOUCHPOINT, INC. provides the following retirement savings benefits to its employees:
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Average Participant Retirement Account Value
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Estimated Average Employee Contribution Amount
363,776.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,684.00 in TOUCHPOINT, INC. EMPLOYEES' 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 TOUCHPOINT, INC. EMPLOYEES' 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’.
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Total Employer Contribution and Match Rate
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,787.00 for 20 years would give you extra $178,409.00, assuming a 10% annual return.
TOUCHPOINT, INC. EMPLOYEES' 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants can contribute up to the maximum amount allowable under the limits set by the Internal Revenue Code ("IRC"), with an automatic enrollment contributing 3% of their salary unless otherwise elected.
2. Employer Match/Contribution Conditions: The Company matches 50% of the participant's contribution up to the first 6% of salary, and may make a discretionary contribution equal to 2% of salary to all employees on the payroll at year-end.
3. Vesting Schedule/Eligibility: Participants are fully vested in their contributions immediately. They are also immediately fully vested in the Company’s matching contributions. For the Company's non-elective contribution portion, participants are 100% vested after three years of credited service, and 0% vested for less than 3 years of service.
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