AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Contribution & Employer Match
AER MANUFACTURING, L.P. provides the following retirement savings benefits to its employees:
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Average Participant Retirement Account Value
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employee Contribution Amount
162,034.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,531.00 in AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST, 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 AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST
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’.
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Total Employer Contribution and Match Rate
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Estimated Average Employer Match
Investing in this additonal $1,332.00 for 20 years would give you extra $85,290.00, assuming a 10% annual return.
AER MFG., INC. RETIREMENT SAVINGS PLAN AND TRUST Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 15% of their salary to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of the employee's contribution up to 3% of the salary.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 3 years, and the eligibility requirement is 1,000 hours worked per year.
4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.
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