WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Contribution & Employer Match

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Contribution & Employer Match

DEVELOPMENT NORTHWEST, INC. provides the following retirement savings benefits to its employees:

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN is $38,186.00

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN is $2,913.00. 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.
186,490.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,913.00 in WOLCOTT PLUMBING 401(K) PROFIT SHARING 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 WOLCOTT PLUMBING 401(K) PROFIT SHARING 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’.

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN allocates $230,172.00 to match its employees' contributions, providing an employer match rate of 51.46% of their contributions

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN is approximately $1,429.00
Investing in this additonal $1,429.00 for 20 years would give you extra $91,496.00, assuming a 10% annual return.

WOLCOTT PLUMBING 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 100% of their eligible compensation, subject to current Internal Revenue Code (IRC) limitations.

2. Employer Match/Contribution Conditions: The employer matches 100% of each participant's contributions up to 4% of the participant's eligible compensation, determined on an annual basis.

3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their voluntary salary contributions, rollover contributions, and the actual earnings on those contributions. For employer contributions, the vesting schedule is based on years of service: less than 2 years is 0%, 2 years is 20%, 3 years is 40%, 4 years is 60%, 5 years is 80%, and 6 years or more is 100%. Employees are eligible to participate if they have completed one year of service and are at least 18 years of age. Effective January 1, 2022, eligibility requires only 60 days of employment.

4. The plan allows after-tax Roth contributions.

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