BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Contribution & Employer Match

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Contribution & Employer Match

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC provides the following retirement savings benefits to its employees:

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN is $138,509.00

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN is $4,188.00. 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.
268,066.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,188.00 in BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) 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 BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) 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’.

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN allocates $1,356,460.00 to match its employees' contributions, providing an employer match rate of 53.53% of their contributions

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN is approximately $2,779.00
Investing in this additonal $2,779.00 for 20 years would give you extra $177,896.00, assuming a 10% annual return.

BCS AUTOMOTIVE INTERFACE SOLUTIONS U.S. LLC 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 80 percent of annual compensation and up to 10 percent on an after-tax basis.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant's contribution, not to exceed 6 percent of the employee's eligible compensation deferred.

3. Vesting Schedule/Eligibility: Participants are immediately 100 percent vested in employee salary and rollover contributions. For collectively bargained participants, employer contributions vest 20 percent after two years of service, with additional 20 percent increments for each subsequent year until fully vested after six years. All other participants are fully vested at all times.

4. Roth 401(k) contributions are allowed (after-tax basis contributions).

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