WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Contribution & Employer Match

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Contribution & Employer Match

WOLFE AUTOMOTIVE GROUP, LLC provides the following retirement savings benefits to its employees:

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN is $41,745.00

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN is $3,118.00. 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.
199,592.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,118.00 in WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS 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 WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS 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’.

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN allocates $326,244.00 to match its employees' contributions, providing an employer match rate of 18.30% of their contributions

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN is approximately $621.00
Investing in this additonal $621.00 for 20 years would give you extra $39,770.00, assuming a 10% annual return.

WOLFE AUTOMOTIVE GROUP 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute any percentage of their annual compensation, subject to certain Internal Revenue Code (“IRC”) limitations. Automatic deferrals equal to 6% of compensation will be made unless the participant elects to defer more or less.

2. Employer Match/Contribution Conditions: The Company matches 25% of the first 6% contributed by a participant. To be eligible for the matching contribution, a participant must be employed on the last day of the Plan year and have at least 501 hours of service.

3. Vesting Schedule/Eligibility: Employer contributions vest 100% after 3 years of service. Participants are eligible to participate in the Plan after 3 months of service and upon reaching the age of 21.

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