What is FIRST BANK UPPER MICHIGAN DEF COMP P/S's employer match?

In 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported $409,108 in employer contributions. That is about 59.5% of reported employee contributions.

How many participants are in FIRST BANK UPPER MICHIGAN DEF COMP P/S?

At the end of 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported 190 plan participants.

What are FIRST BANK UPPER MICHIGAN DEF COMP P/S's total assets?

At the end of 2024, FIRST BANK UPPER MICHIGAN DEF COMP P/S reported total plan assets of $29,013,633.

When was FIRST BANK UPPER MICHIGAN DEF COMP P/S established?

FIRST BANK UPPER MICHIGAN DEF COMP P/S was established in 1988.

What are the investment options in FIRST BANK UPPER MICHIGAN DEF COMP P/S?

MyPlanIQ tracks the investment lineup for FIRST BANK UPPER MICHIGAN DEF COMP P/S on its investment options page: https://www.myplaniq.com/invest/planinvestments/first-bank-upper-michigan-def-comp-ps/

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FIRST BANK UPPER MICHIGAN DEF COMP P/S

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Contribution & Savings

FIRST BANK UPPER MICHIGAN DEF COMP P/S Average Participant Retirement Account Value

In 2024, the average participant retirement account value for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $152,703.00

FIRST BANK UPPER MICHIGAN DEF COMP P/S Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for FIRST BANK UPPER MICHIGAN DEF COMP P/S is $3,631.00. 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.
232,407.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,631.00 in FIRST BANK UPPER MICHIGAN DEF COMP P/S, 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.

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