ALLAN MYERS HOURLY RETIREMENT PLAN Contribution & Employer Match
ALLAN MYERS HOURLY RETIREMENT PLAN Contribution & Employer Match
ALLAN MYERS, INC. provides the following retirement savings benefits to its employees:
ALLAN MYERS HOURLY RETIREMENT PLAN Average Participant Retirement Account Value
ALLAN MYERS HOURLY RETIREMENT PLAN Estimated Average Employee Contribution Amount
190,860.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,982.00 in ALLAN MYERS HOURLY RETIREMENT 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 ALLAN MYERS HOURLY RETIREMENT 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’.
ALLAN MYERS HOURLY RETIREMENT PLAN Total Employer Contribution and Match Rate
ALLAN MYERS HOURLY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $4,069.00 for 20 years would give you extra $260,418.00, assuming a 10% annual return.
ALLAN MYERS HOURLY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to 100% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions, subject to a maximum of 7% of compensation deferred by the participant.
3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions. Employer contributions vest at 100% after five years of credited service.
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