What is BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN's employer match?

In 2024, BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN reported $542,140 in employer contributions. That is about 32.3% of reported employee contributions.

How many participants are in BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN?

At the end of 2024, BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN reported 519 plan participants.

What are the investment options in BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN?

MyPlanIQ tracks the investment lineup for BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN on its investment options page: https://www.myplaniq.com/invest/planinvestments/banks-construction-company-profit-sharing-401k-plan/

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Q: When was BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN established?

BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN was established in 1983.

BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN

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Contribution & Savings

BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN is $39,146.00

BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN is $3,765.00. 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.
240,972.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,765.00 in BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

	Pretax and roth employee contributions	Employee and employer contributions combined	Catch-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.

Keep researching BANKS CONSTRUCTION COMPANY PROFIT SHARING /401(K) PLAN

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