ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Contribution & Employer Match
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Contribution & Employer Match
MAD ANTHONYS, INC. provides the following retirement savings benefits to its employees:
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Average Participant Retirement Account Value
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
168,791.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,637.00 in ANTHONY'S RESTAURANTS PROFIT SHARING 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 ANTHONY'S RESTAURANTS 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’.
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Total Employer Contribution and Match Rate
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $160.00 for 20 years would give you extra $10,278.00, assuming a 10% annual return.
ANTHONY'S RESTAURANTS PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to defer up to 100% of their eligible compensation as pretax or Roth contributions.
2. Employer Match/Contribution Conditions: The Company may make discretionary matching contributions, and contributed $100,000 in discretionary matching contributions for the year ended December 31, 2022.
3. Vesting Schedule/Eligibility: Participants are fully vested immediately in all contributions plus actual earnings thereon. Employees are eligible to participate after reaching 21 years of age and completing one year of service, defined as a 12 consecutive-month period during which an employee completes at least 1,000 hours of service.
4. Allows Roth 401(k) contribution: Yes.
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