ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

ALPHA TEKNOVA, INC. provides the following retirement savings benefits to its employees:

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN is $30,174.00

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN is $3,005.00. 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.
192,365.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,005.00 in ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING 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 ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING 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’.

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2021, ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN allocates $612,265.00 to match its employees' contributions, providing an employer match rate of 91.35% of their contributions

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN is approximately $2,745.00
Investing in this additonal $2,745.00 for 20 years would give you extra $175,717.00, assuming a 10% annual return.

ALPHA TEKNOVA, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of their eligible salary up to the limits imposed by Section 402(g) of the IRC.

2. Employer Match/Contribution Conditions: The employer matches up to 4% of eligible compensation based on deferral percentages elected by participants.

3. Vesting Schedule/Eligibility: Employer safe harbor matching contributions are fully vested when made. Discretionary employer non-elective contributions vest according to the following schedule: 0% after less than one year, 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years. Eligibility requires employees to have attained age 18 and completed one month of service during the Plan year.

4. Roth 401(k) contribution: The plan allows for in-plan Roth rollovers.

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