W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Contribution & Employer Match

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Contribution & Employer Match

W.G. YATES & SONS CONSTRUCTION COMPANY provides the following retirement savings benefits to its employees:

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Average Participant Retirement Account Value

In 2022, the average participant retirement account value for W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST is $576.00

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST is $2,194.00. 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.
140,425.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,194.00 in W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST, 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 W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST

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’.

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Total Employer Contribution and Match Rate

In 2022, W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST allocates $1,488,561.00 to match its employees' contributions, providing an employer match rate of 29.74% of their contributions

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST is approximately $668.00
Investing in this additonal $668.00 for 20 years would give you extra $42,759.00, assuming a 10% annual return.

W.G. YATES & SONS CONSTRUCTION COMPANY EMPLOYEE TRUST Contribution & Match Policy

1. Employee Contribution Rates: Participants can defer up to 25% of earnings or $20,500 in 2022, plus an additional $6,500 catch-up contribution for those age 50 and older.

2. Employer Match/Contribution Conditions: The company matches 100% of deferrals up to 3% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. Vesting in the company’s contributions is based on years of continuous service, with full vesting after 5 years of service. Employees must be 21 years of age and employed for nine months, and must work 500 hours in a year to avoid a break in service.

4. Roth 401(k) Contribution: The plan allows Roth contributions, in-plan rollovers, and in-plan transfers.

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