AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Contribution & Employer Match

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Contribution & Employer Match

AUBURN NATIONAL BANCORPORATION, INC. provides the following retirement savings benefits to its employees:

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN is $65,216.00

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN is $3,082.00. 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.
197,250.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,082.00 in AUBURN NATIONAL BANCORPORATION, 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 AUBURN NATIONAL BANCORPORATION, 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’.

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN allocates $328,443.00 to match its employees' contributions, providing an employer match rate of 59.70% of their contributions

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN is approximately $1,794.00
Investing in this additonal $1,794.00 for 20 years would give you extra $114,865.00, assuming a 10% annual return.

AUBURN NATIONAL BANCORPORATION, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to 100% of eligible compensation but not below 1%.

2. Employer Match/Contribution Conditions: The Company’s Safe Harbor contributions total 100% of the first 3% of compensation deferred and 50% of the next 2% of compensation deferred, for a maximum Safe Harbor contribution of 4% of the participant's eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, rollover contributions, and safe harbor matching contributions. The Company's discretionary contributions vest according to a schedule based on years of service: less than two years (0%), two years (20%), three years (40%), four years (60%), five years (80%), six or more years (100%). Participants must be credited with a minimum of 1,000 hours of service during the plan year to complete a year of service for vesting purposes.

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