WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Employer Match

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Employer Match

WIRECRAFTERS, LLC provides the following retirement savings benefits to its employees:

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is $110,526.00

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is $4,303.00. 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.
275,408.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,303.00 in WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT, 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 WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT

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’.

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Total Employer Contribution and Match Rate

In 2023, WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT allocates $907,873.00 to match its employees' contributions, providing an employer match rate of 98.13% of their contributions

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT is approximately $3,532.00
Investing in this additonal $3,532.00 for 20 years would give you extra $226,085.00, assuming a 10% annual return.

WIRECRAFTERS, LLC 401(K) PROFIT SHARING PLAN & TRUST AGREEMENT Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to the dollar amount set by law of their annual compensation, either with pre-tax or after-tax contributions.

2. Employer Match/Contribution Conditions: The Company’s matching contribution is discretionary and determined annually.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions and actual earnings immediately. Vesting in the Company’s contribution portion is based on years of continuous service, with a participant becoming 100% vested after six years of credited service or upon death or disability.

4. Allows Roth 401(k) contribution: Yes.

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