AXIOM GLOBAL INC. 401(K) PLAN Contribution & Employer Match
AXIOM GLOBAL INC. 401(K) PLAN Contribution & Employer Match
AXIOM GLOBAL INC. provides the following retirement savings benefits to its employees:
AXIOM GLOBAL INC. 401(K) PLAN Average Participant Retirement Account Value
AXIOM GLOBAL INC. 401(K) PLAN Estimated Average Employee Contribution Amount
452,347.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,067.00 in AXIOM GLOBAL INC. 401(K) 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 AXIOM GLOBAL 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’.
AXIOM GLOBAL INC. 401(K) PLAN Total Employer Contribution and Match Rate
AXIOM GLOBAL INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $606.00 for 20 years would give you extra $38,834.00, assuming a 10% annual return.
AXIOM GLOBAL INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute their eligible pre-tax or after-tax compensation (as Roth contributions) up to the amount allowable under the Plan document and current income tax regulations.
2. Employer Match/Contribution Conditions: The employer matches 50% of the first 8% of deferrals, and the participant must be employed on the last day of the plan year to be eligible for the discretionary employer matching contributions.
3. Roth 401(k) Contribution: Yes, it allows Roth 401(k) contributions.
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