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WHITELIGHT GROUP INC. 401K PLAN Contribution & Employer Match

WHITELIGHT GROUP INC. 401K PLAN Contribution & Employer Match

WHITELIGHT GROUP INC. provides the following retirement savings benefits to its employees:

WHITELIGHT GROUP INC. 401K PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for WHITELIGHT GROUP INC. 401K PLAN is $116,306.00

WHITELIGHT GROUP INC. 401K PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for WHITELIGHT GROUP INC. 401K PLAN is $3,245.00. 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.
207,737.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,245.00 in WHITELIGHT GROUP INC. 401K 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 WHITELIGHT GROUP INC. 401K 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’.

WHITELIGHT GROUP INC. 401K PLAN Total Employer Contribution and Match Rate

In 2022, WHITELIGHT GROUP INC. 401K PLAN allocates $84,143.00 to match its employees' contributions, providing an employer match rate of 21.51% of their contributions

WHITELIGHT GROUP INC. 401K PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in WHITELIGHT GROUP INC. 401K PLAN is approximately $701.00
Investing in this additonal $701.00 for 20 years would give you extra $44,876.00, assuming a 10% annual return.

WHITELIGHT GROUP INC. 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their annual wages or a set amount per pay period, subject to certain limitations.

2. Employer Match/Contribution Conditions: The discretionary percentage for employer contributions was 50% of the first 4% of employee compensation contributed to the plan as elective deferral contributions.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their elective deferral contributions and rollover contributions. New participants will become 50% vested in employer contributions after 2 years of service and 100% after 3 years of service. Eligibility requires employees to complete thirty days of service and be at least 21 years of age.

4. Roth 401(k) Contribution: The plan permits Roth elective deferral contributions.

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