APPLE FORD, INC. 401(K) PLAN Contribution & Employer Match

APPLE FORD, INC. 401(K) PLAN Contribution & Employer Match

APPLE FORD, INC. provides the following retirement savings benefits to its employees:

APPLE FORD, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for APPLE FORD, INC. 401(K) PLAN is $29,208.00

APPLE FORD, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for APPLE FORD, INC. 401(K) PLAN is $3,933.00. 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.
251,764.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,933.00 in APPLE FORD, INC. 401(K) 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 APPLE FORD, INC. 401(K) 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’.

APPLE FORD, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, APPLE FORD, INC. 401(K) PLAN allocates $438,154.00 to match its employees' contributions, providing an employer match rate of 53.29% of their contributions

APPLE FORD, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in APPLE FORD, INC. 401(K) PLAN is approximately $2,224.00
Investing in this additonal $2,224.00 for 20 years would give you extra $142,344.00, assuming a 10% annual return.

APPLE FORD, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual compensation, subject to statutory limitations established by the Internal Revenue Code (IRC).

2. Employer Match/Contribution Conditions: The employer will make a matching contribution equal to 100% of the salary deferrals of eligible employees up to 3% of compensation, plus 50% of salary deferrals between 3% and 5% of compensation, for a maximum employer safe harbor match of 4% of compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested in their elective account plus actual earnings at all times. Vesting in the employer's contribution portion is based on years of continuous service: after two years of service, a participant becomes 20% vested, increasing by 20% each year until fully vested after six years of service. Eligibility requires completion of three months of service and attainment of age 21.

4. Roth 401(k) Contribution: Yes.

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