TREE TOP, INC. SALARY SAVINGS PLAN Contribution & Employer Match

TREE TOP, INC. SALARY SAVINGS PLAN Contribution & Employer Match

TREE TOP, INC. provides the following retirement savings benefits to its employees:

TREE TOP, INC. SALARY SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TREE TOP, INC. SALARY SAVINGS PLAN is $164,177.00

TREE TOP, INC. SALARY SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TREE TOP, INC. SALARY SAVINGS PLAN is $5,975.00. 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.
382,417.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,975.00 in TREE TOP, INC. SALARY SAVINGS 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 TREE TOP, INC. 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’.

TREE TOP, INC. SALARY SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, TREE TOP, INC. SALARY SAVINGS PLAN allocates $1,245,308.00 to match its employees' contributions, providing an employer match rate of 44.48% of their contributions

TREE TOP, INC. SALARY SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TREE TOP, INC. SALARY SAVINGS PLAN is approximately $2,610.00
Investing in this additonal $2,610.00 for 20 years would give you extra $167,085.00, assuming a 10% annual return.

TREE TOP, INC. SALARY SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to the maximum deferral limits; the default contribution amount is 3% of eligible wages, with an automatic increase of 1% annually up to a maximum of 10%.

2. Employer Match/Contribution Conditions: The employer matches 100% of the first 4.5% of compensation that the participant defers; discretionary retirement contributions are given if the employee is employed on the last day of the plan year or terminates due to death, disability, or retirement at age 55 or older.

3. Vesting Schedule/Eligibility: Employees are immediately vested in their salary deferrals plus actual earnings. The company's discretionary matching contributions are 100% vested upon entry into the plan. Discretionary retirement contributions are 100% vested after three years of service.

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