BANK OZK 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

BANK OZK provides the following retirement savings benefits to its employees:

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BANK OZK 401(K) RETIREMENT SAVINGS PLAN is $84,006.00

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BANK OZK 401(K) RETIREMENT SAVINGS PLAN is $3,709.00. 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.
237,393.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,709.00 in BANK OZK 401(K) RETIREMENT SAVINGS 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 BANK OZK 401(K) RETIREMENT SAVINGS 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’.

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BANK OZK 401(K) RETIREMENT SAVINGS PLAN allocates $7,421,210.00 to match its employees' contributions, providing an employer match rate of 57.34% of their contributions

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BANK OZK 401(K) RETIREMENT SAVINGS PLAN is approximately $2,063.00
Investing in this additonal $2,063.00 for 20 years would give you extra $132,042.00, assuming a 10% annual return.

BANK OZK 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 100% of their annual compensation, subject to annual contribution limits set forth by the Code.

2. Employer Match/Contribution Conditions: 100% match of the participant’s contributions that do not exceed 3% of the participant’s compensation for the year, plus 50% of the contributions that exceed 3% but do not exceed 5%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective contributions plus actual earnings, and all Employer matching contributions are fully vested under Safe-Harbor CODA provisions. Vesting in Employer discretionary profit-sharing contributions is based on years of service, starting from 0% for less than two years to 100% for six years or more. Eligibility requires employees to participate on the first of the month following 30 days from their date of hire.

4. Roth 401(k) contribution is allowed.

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