What is SUMMIT BANCORP SAVINGS INCENTIVE PLAN's employer match?

In 2001, SUMMIT BANCORP SAVINGS INCENTIVE PLAN reported $9,036,657 in employer contributions. That is about 53.1% of reported employee contributions.

How many participants are in SUMMIT BANCORP SAVINGS INCENTIVE PLAN?

At the end of 2001, SUMMIT BANCORP SAVINGS INCENTIVE PLAN reported 7,114 plan participants.

When was SUMMIT BANCORP SAVINGS INCENTIVE PLAN established?

SUMMIT BANCORP SAVINGS INCENTIVE PLAN was established in 1956.

What are the investment options in SUMMIT BANCORP SAVINGS INCENTIVE PLAN?

MyPlanIQ tracks the investment lineup for SUMMIT BANCORP SAVINGS INCENTIVE PLAN on its investment options page: https://www.myplaniq.com/invest/planinvestments/summit-bancorp-savings-incentive-plan/

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SUMMIT BANCORP SAVINGS INCENTIVE PLAN

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SUMMIT BANCORP SAVINGS INCENTIVE PLAN Estimated Average Employee Contribution Amount

In 2001, the estimated average employee contribution amount per participant for SUMMIT BANCORP SAVINGS INCENTIVE PLAN is $4,787.00. 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.
306,383.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,787.00 in SUMMIT BANCORP SAVINGS INCENTIVE 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.

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