US AVIATION GROUP 401(K) PLAN Contribution & Employer Match
US AVIATION GROUP 401(K) PLAN Contribution & Employer Match
US AVIATION GROUP LLC provides the following retirement savings benefits to its employees:
US AVIATION GROUP 401(K) PLAN Average Participant Retirement Account Value
US AVIATION GROUP 401(K) PLAN Estimated Average Employee Contribution Amount
37,685.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 588.00 in US AVIATION GROUP 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 US AVIATION GROUP 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’.
US AVIATION GROUP 401(K) PLAN Total Employer Contribution and Match Rate
US AVIATION GROUP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $0.00 for 20 years would give you extra $47.00, assuming a 10% annual return.
US AVIATION GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute a percentage or dollar amount of their eligible compensation.
2. Employer Match/Contribution Conditions: The Company may elect to make a discretionary matching contribution equal to a percentage of an employee’s elective deferrals. No discretionary matching contributions were made for the Plan year ended December 31, 2022.
3. Vesting Schedule/Eligibility: The vesting schedule is based on years of service: less than 2 years (0%), 2 years (20%), 3 years (40%), 4 years (60%), 5 years (80%), and 6 or more years (100%). Employees are eligible to enter the Plan after attaining the age of 21 and completing one year of service.
4. Roth 401(k) Contribution: Participants may select from pre-tax or Roth deferrals.
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