WAY HOLDING LTD. 401(K) RETIREMENT PLAN Contribution & Employer Match

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Contribution & Employer Match

WAY HOLDING LTD. provides the following retirement savings benefits to its employees:

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for WAY HOLDING LTD. 401(K) RETIREMENT PLAN is $34,828.00

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for WAY HOLDING LTD. 401(K) RETIREMENT PLAN is $2,300.00. 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.
147,232.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,300.00 in WAY HOLDING LTD. 401(K) RETIREMENT 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 WAY HOLDING LTD. 401(K) 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’.

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2022, WAY HOLDING LTD. 401(K) RETIREMENT PLAN allocates $59,409.00 to match its employees' contributions, providing an employer match rate of 23.58% of their contributions

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in WAY HOLDING LTD. 401(K) RETIREMENT PLAN is approximately $535.00
Investing in this additonal $535.00 for 20 years would give you extra $34,253.00, assuming a 10% annual return.

WAY HOLDING LTD. 401(K) RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute a percentage of their annual wages each payroll period subject to annual dollar limitations.

2. Employer Match/Contribution Conditions: The employer matches 35% of a participant's first 6% contributed, with no match in excess of 6% of a participant's annual salary. The employer may also contribute a percentage of its current year-end profits at the option of the Company's Board of Directors, but no discretionary profit-sharing contributions have been made since the Plan's inception.

3. Vesting Schedule/Eligibility: Participants will be automatically fully vested if employed on or after their early or normal retirement age, date of total disability, date of death, or upon plan termination. Matching contributions vest 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% for 6 years or more.

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