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TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Contribution & Employer Match

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Contribution & Employer Match

TRIPLE RING TECHNOLOGIES, INC. provides the following retirement savings benefits to its employees:

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN is $164,912.00

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN is $10,950.00. 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.
700,807.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,950.00 in TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING 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 TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING 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’.

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN allocates $545,628.00 to match its employees' contributions, providing an employer match rate of 37.19% of their contributions

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN is approximately $3,982.00
Investing in this additonal $3,982.00 for 20 years would give you extra $254,891.00, assuming a 10% annual return.

TRIPLE RING TECHNOLOGIES, INC. 401K PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 92% of their eligible compensation on a pre-tax or after-tax Roth basis.

2. Employer Match/Contribution Conditions: The Company makes safe harbor matching contributions equal to 100% of the first 3% of the participant’s eligible compensation and 50% of the next 2% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants become immediately vested in their contributions and safe harbor matching contributions. For the Company’s discretionary qualified non-elective contributions, participants become vested over a six-year period at 20% per year from year two through six. Eligibility requires employees to complete 1,000 hours of service for qualified non-elective contributions and at least 501 hours of service during the contribution period.

4. Roth 401(k) contributions are allowed.

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