XCEL ENERGY 401(K) SAVINGS PLAN Contribution & Employer Match

XCEL ENERGY 401(K) SAVINGS PLAN Contribution & Employer Match

XCEL ENERGY INC provides the following retirement savings benefits to its employees:

XCEL ENERGY 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for XCEL ENERGY 401(K) SAVINGS PLAN is $219,204.00

XCEL ENERGY 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for XCEL ENERGY 401(K) SAVINGS PLAN is $8,190.00. 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.
524,181.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,190.00 in XCEL ENERGY 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 XCEL ENERGY 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’.

XCEL ENERGY 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, XCEL ENERGY 401(K) SAVINGS PLAN allocates $33,576,229.00 to match its employees' contributions, providing an employer match rate of 31.37% of their contributions

XCEL ENERGY 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in XCEL ENERGY 401(K) SAVINGS PLAN is approximately $2,496.00
Investing in this additonal $2,496.00 for 20 years would give you extra $159,767.00, assuming a 10% annual return.

XCEL ENERGY 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute up to 30% of their eligible earnings on a pre-tax basis, Roth 401(k) or a combination of both not to exceed 30% of their eligible earnings, up to $20,500 in 2022.

2. Employer Match/Contribution Conditions: The matching contribution equals 50% of the first 8% of employee contributions on a pre-tax and/or Roth 401(k) after-tax basis during the Plan year, with a maximum of $1,400 in matching contributions for 2022.

3. Vesting Schedule/Eligibility: Employee contributions, matching contributions made by Xcel Energy and earnings are immediately vested. Bargaining employees must be active on the last day of the Plan year or separated from employment due to retirement, disability, or death to be eligible for the annual matching contribution.

4. Yes, it allows Roth 401(k) contributions.

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