AMERICAN CENTURY RETIREMENT PLAN Contribution & Employer Match
AMERICAN CENTURY RETIREMENT PLAN Contribution & Employer Match
AMERICAN CENTURY SERVICES, LLC provides the following retirement savings benefits to its employees:
AMERICAN CENTURY RETIREMENT PLAN Average Participant Retirement Account Value
AMERICAN CENTURY RETIREMENT PLAN Estimated Average Employee Contribution Amount
636,530.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,945.00 in AMERICAN CENTURY 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 AMERICAN CENTURY 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’.
AMERICAN CENTURY RETIREMENT PLAN Total Employer Contribution and Match Rate
AMERICAN CENTURY RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $9,832.00 for 20 years would give you extra $629,275.00, assuming a 10% annual return.
AMERICAN CENTURY RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 80% of their annual compensation.
2. Employer Match/Contribution Conditions: The employer matches 100% of the first 5% of annual compensation contributed by the employee.
3. Vesting Schedule/Eligibility: Employees are immediately vested in their contributions and matching contributions. For the employer's discretionary profit sharing contribution, the vesting schedule is as follows: Less than 2 years - 0%; 2 years - 20%; 3 years - 40%; 4 years - 60%; 5 years - 80%; 6 years - 100%. Eligible participants must have completed one year of service and be employed on the last day of the Plan year to receive a discretionary profit sharing allocation.
4. Roth 401(k) contributions are allowed.
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