ADVANTAGE 401(K) SAVINGS PLAN Contribution & Employer Match

ADVANTAGE 401(K) SAVINGS PLAN Contribution & Employer Match

ADVANTAGE SALES & MARKETING, LLC provides the following retirement savings benefits to its employees:

ADVANTAGE 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for ADVANTAGE 401(K) SAVINGS PLAN is $20,935.00

ADVANTAGE 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for ADVANTAGE 401(K) SAVINGS PLAN is $1,386.00. 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.
88,751.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,386.00 in ADVANTAGE 401(K) SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-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 ADVANTAGE 401(K) SAVINGS 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’.

ADVANTAGE 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, ADVANTAGE 401(K) SAVINGS PLAN allocates $13,543,028.00 to match its employees' contributions, providing an employer match rate of 27.80% of their contributions

ADVANTAGE 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in ADVANTAGE 401(K) SAVINGS PLAN is approximately $362.00
Investing in this additonal $362.00 for 20 years would give you extra $23,228.00, assuming a 10% annual return.

ADVANTAGE 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 75% of eligible pre-tax or post-tax compensation.

2. Employer Match/Contribution Conditions: Employers match 50% of the eligible participant’s elective deferral amount up to the first 6% of the participant’s compensation, unless the participant is from Waypoint, in which case the match is 25% of the participant’s elective deferral amount up to the first 6%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their employee contributions. Employer matching contributions vest at a rate of 25% each year after two full years of service, reaching 100% vesting after five years. For certain participants of AMP Agency, matching contributions vest at a rate of 25% each year after one full year of service, reaching 100% vesting after four years.

4. Roth 401(k) contributions are allowed.

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