AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Contribution & Employer Match
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Contribution & Employer Match
AMERANT BANK, N.A. provides the following retirement savings benefits to its employees:
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Average Participant Retirement Account Value
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Estimated Average Employee Contribution Amount
373,647.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,838.00 in AMERANT BANK, N.A. RETIREMENT BENEFITS 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 AMERANT BANK, N.A. RETIREMENT BENEFITS 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’.
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Total Employer Contribution and Match Rate
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Estimated Average Employer Match
Investing in this additonal $3,480.00 for 20 years would give you extra $222,739.00, assuming a 10% annual return.
AMERANT BANK, N.A. RETIREMENT BENEFITS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to a maximum of 60% of eligible compensation.
2. Employer Match/Contribution Conditions: The employer matches contributions on a dollar-for-dollar basis for each dollar contributed by an employee, up to a maximum of 5% of the participant's eligible compensation.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their voluntary contributions and the safe harbor matching employer contributions. Employer discretionary contributions become fully vested after completing six years of service, based on a graduated schedule.
4. Roth 401(k) Contribution: The plan accepts Roth deferral contributions made to another qualified plan.
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