WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Employer Match
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Employer Match
WAGSTAFF, INC. provides the following retirement savings benefits to its employees:
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Average Participant Retirement Account Value
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Estimated Average Employee Contribution Amount
432,484.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,757.00 in WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT 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 WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT 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’.
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Total Employer Contribution and Match Rate
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,025.00 for 20 years would give you extra $321,663.00, assuming a 10% annual return.
WAGSTAFF, INC. 401(K) SAVINGS AND RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute between 1% and 50% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 50% of employee contributions up to 6% of eligible compensation deferred to the Plan, with a maximum matching contribution of 3% of compensation.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. For employer matching and profit sharing contributions, the vesting schedule is based on years of service: 0% for less than 2 years, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years of service. Eligibility requires 1,000 hours of work to receive discretionary profit sharing contributions.
4. Roth 401(k) Contribution: Yes, the plan allows Roth contributions utilizing after-tax contributions.
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