UMH PROPERTIES, INC. 401(K) PLAN Contribution & Employer Match
UMH PROPERTIES, INC. 401(K) PLAN Contribution & Employer Match
UMH PROPERTIES, INC. provides the following retirement savings benefits to its employees:
UMH PROPERTIES, INC. 401(K) PLAN Average Participant Retirement Account Value
UMH PROPERTIES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
206,446.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,225.00 in UMH PROPERTIES, 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 UMH PROPERTIES, 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’.
UMH PROPERTIES, INC. 401(K) PLAN Total Employer Contribution and Match Rate
UMH PROPERTIES, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,528.00 for 20 years would give you extra $97,816.00, assuming a 10% annual return.
UMH PROPERTIES, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100% of their eligible compensation up to the annual limit determined by the IRC.
2. Employer Match/Contribution Conditions: The Plan Sponsor provides a safe harbor contribution equal to 100% of the first 3% of eligible compensation plus 50% of the next 2% of eligible compensation. The Plan Sponsor may also make a discretionary employer contribution each Plan year, but there was no discretionary contribution for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their own contributions and employer safe harbor contributions plus actual earnings thereon. Discretionary contributions vest 25% after 2 years of service, 50% after 3 years of service, 75% after 4 years of service, and 100% after 5 years of service. Eligibility requires employees to be full-time and over 21 years of age.
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