APACHE CORPORATION MONEY PURCHASE RETIREMENT PLAN Contribution & Employer Match
APACHE CORPORATION MONEY PURCHASE RETIREMENT PLAN Contribution & Employer Match
APACHE CORPORATION provides the following retirement savings benefits to its employees:
APACHE CORPORATION MONEY PURCHASE RETIREMENT PLAN Average Participant Retirement Account Value
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 APACHE CORPORATION MONEY PURCHASE 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’.
APACHE CORPORATION MONEY PURCHASE RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $5,834.00 for 20 years would give you extra $373,416.00, assuming a 10% annual return.
APACHE CORPORATION MONEY PURCHASE RETIREMENT PLAN Contribution & Match Policy
1. Employer Match/Contribution Conditions: The Company contributes six percent of eligible compensation for each participant who has completed one hour of service during the Plan year and is employed on the last day of the calendar year.
2. Vesting Schedule/Eligibility: A participant becomes 20 percent vested after the completion of one year of service and continues to vest 20 percent per year, becoming fully vested after five years of credited service. A participant also becomes fully vested in the event of disability, death, or upon reaching age 65.
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