247.AI, INC. 401(K) PLAN Contribution & Employer Match
247.AI, INC. 401(K) PLAN Contribution & Employer Match
24 7.AI, INC. provides the following retirement savings benefits to its employees:
247.AI, INC. 401(K) PLAN Average Participant Retirement Account Value
247.AI, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
194,720.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,042.00 in 247.AI, 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.
Employer match in 247.AI, INC. 401(K) 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’.
247.AI, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute up to 90% of their eligible compensation to the Plan.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions, subject to limits determined each year, but there were no discretionary contributions or non-elective contributions for the Plan year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Employer matching and non-elective contributions vest at a rate of 20% per year. After five years of service, the employer matching and non-elective contributions are fully vested. Eligibility requires employees to be at least eighteen years old and excludes certain groups like collective bargaining agreement employees and leased employees.
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