VOITH EMPLOYEE SAVINGS PLAN Contribution & Employer Match
VOITH EMPLOYEE SAVINGS PLAN Contribution & Employer Match
VOITH US INC. provides the following retirement savings benefits to its employees:
VOITH EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value
VOITH EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount
383,673.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,994.00 in VOITH EMPLOYEE SAVINGS 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 VOITH EMPLOYEE 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’.
VOITH EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate
VOITH EMPLOYEE SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $5,065.00 for 20 years would give you extra $324,200.00, assuming a 10% annual return.
VOITH EMPLOYEE SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 100 percent of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100 percent of the first 5 percent of eligible compensation contributed by non-TSP participants and 50 percent of the first 5 percent contributed by TSP participants.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions. Vesting in employer contributions occurs at 25 percent upon plan entry and an additional 25 percent for each subsequent year until reaching 100 percent after three years of service. If employment ends at retirement age, due to disability, or death, participants are 100 percent vested.
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