VONTIER UNION RETIREMENT SAVINGS PLAN Contribution & Employer Match

VONTIER UNION RETIREMENT SAVINGS PLAN Contribution & Employer Match

VONTIER BUSINESS SERVICES LLC provides the following retirement savings benefits to its employees:

VONTIER UNION RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for VONTIER UNION RETIREMENT SAVINGS PLAN is $52,478.00

VONTIER UNION RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for VONTIER UNION RETIREMENT SAVINGS PLAN is $1,894.00. 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.
121,238.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,894.00 in VONTIER UNION RETIREMENT 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 VONTIER UNION RETIREMENT 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’.

VONTIER UNION RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, VONTIER UNION RETIREMENT SAVINGS PLAN allocates $2,331,992.00 to match its employees' contributions, providing an employer match rate of 103.14% of their contributions

VONTIER UNION RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in VONTIER UNION RETIREMENT SAVINGS PLAN is approximately $2,010.00
Investing in this additonal $2,010.00 for 20 years would give you extra $128,661.00, assuming a 10% annual return.

VONTIER UNION RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 75% of their compensation.

2. Employer Match/Contribution Conditions: The Company's contributions are determined at the discretion of the Plan Sponsor unless required by collective bargaining agreement; specific matching percentages or maximum amounts are not stated.

3. Vesting Schedule/Eligibility: Participants become fully vested in employer contributions after three years of service, on attainment of age 65, death, complete disability, or as required by the collective bargaining agreement. Eligibility for company contributions is upon completion of one year of service.

4. Roth 401(k) contribution: Yes, the plan allows for Roth contributions.

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