AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Contribution & Employer Match

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Contribution & Employer Match

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. provides the following retirement savings benefits to its employees:

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN is $93,833.00

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN is $4,874.00. 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.
311,973.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,874.00 in AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT 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 AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES 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 LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2022, AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN allocates $10,789,921.00 to match its employees' contributions, providing an employer match rate of 95.91% of their contributions

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN is approximately $4,908.00
Investing in this additonal $4,908.00 for 20 years would give you extra $314,174.00, assuming a 10% annual return.

AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INC. EMPLOYEES RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute a percentage of their compensation as a pretax deferral or as a Roth deferral, subject to limitations as defined in the Plan document.

2. Employer Match/Contribution Conditions: The Organization contributes an amount equal to 7% of each participant’s salary, up to the social security taxable wage base, and 12.7% of each participant’s salary above the social security taxable wage base.

3. Vesting Schedule/Eligibility: Participants vest immediately in their contributions and the earnings thereon. Vesting in the Organization’s contribution portion is based on years of continuous service: 30% after two years, 60% after three years, and 100% after four years. Employees must complete 12 consecutive months of service and at least 1,000 hours of service each year to be eligible for employer contributions.

4. Roth 401(k) Contribution: Yes, the plan allows Roth 401(k) contributions.

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