What is SUMMIT SECURITY SERVICES, INC. 401(K) PLAN's employer match?

In 2019, SUMMIT SECURITY SERVICES, INC. 401(K) PLAN reported $91,027 in employer contributions. That is about 21.7% of reported employee contributions.

How many participants are in SUMMIT SECURITY SERVICES, INC. 401(K) PLAN?

At the end of 2019, SUMMIT SECURITY SERVICES, INC. 401(K) PLAN reported 167 plan participants.

What are SUMMIT SECURITY SERVICES, INC. 401(K) PLAN's total assets?

At the end of 2019, SUMMIT SECURITY SERVICES, INC. 401(K) PLAN reported total plan assets of $5,539,088.

When was SUMMIT SECURITY SERVICES, INC. 401(K) PLAN established?

SUMMIT SECURITY SERVICES, INC. 401(K) PLAN was established in 2000.

What are the investment options in SUMMIT SECURITY SERVICES, INC. 401(K) PLAN?

MyPlanIQ tracks the investment lineup for SUMMIT SECURITY SERVICES, INC. 401(K) PLAN on its investment options page: https://www.myplaniq.com/invest/planinvestments/summit-security-services-inc-401k-plan/

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SUMMIT SECURITY SERVICES, INC. 401(K) PLAN

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Contribution & Savings

SUMMIT SECURITY SERVICES, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2019, the average participant retirement account value for SUMMIT SECURITY SERVICES, INC. 401(K) PLAN is $33,168.00

SUMMIT SECURITY SERVICES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2019, the estimated average employee contribution amount per participant for SUMMIT SECURITY SERVICES, INC. 401(K) PLAN is $5,021.00. 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.
321,359.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,021.00 in SUMMIT SECURITY SERVICES, INC. 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.

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