ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Contribution & Employer Match

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Contribution & Employer Match

ANGEL OAK COMPANIES, LP provides the following retirement savings benefits to its employees:

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN is $22,927.00

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN is $5,191.00. 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.
332,238.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,191.00 in ANGEL OAK COMPANIES 401K 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 ANGEL OAK COMPANIES 401K 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’.

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN allocates $1,663,713.00 to match its employees' contributions, providing an employer match rate of 29.47% of their contributions

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN is approximately $1,341.00
Investing in this additonal $1,341.00 for 20 years would give you extra $85,869.00, assuming a 10% annual return.

ANGEL OAK COMPANIES 401K PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to defer both pre-tax and after-tax portions of their annual compensation, subject to IRC limitations.

2. Employer Match/Contribution Conditions: The Company may make matching contributions and discretionary contributions. Participants are eligible to receive Company matching and discretionary contributions after one year of service.

3. Vesting Schedule/Eligibility: Participants will become 25% vested after one year of continuous service, with additional vesting of 25% per year thereafter. Employees are eligible to participate in the Plan upon attaining 30 days of service and reaching the age of 21.

4. Roth 401(k) Contribution: The Plan allows both pre-tax and after-tax contributions, which implies Roth 401(k) contributions are permitted.

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