BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Contribution & Employer Match

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Contribution & Employer Match

BEAR RIVER MUTUAL INSURANCE COMPANY provides the following retirement savings benefits to its employees:

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) is $104,050.00

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) is $7,335.00. 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.
469,488.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,335.00 in BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K), 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 BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K)

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’.

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Total Employer Contribution and Match Rate

In 2023, BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) allocates $364,636.00 to match its employees' contributions, providing an employer match rate of 35.38% of their contributions

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) is approximately $2,463.00
Investing in this additonal $2,463.00 for 20 years would give you extra $157,680.00, assuming a 10% annual return.

BEAR RIVER MUTUAL INSURANCE COMPANY PROFIT SHARING PLAN 401(K) Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to contribute to the Plan the maximum amount of annual compensation prescribed under the Internal Revenue Code, with an automatic enrollment of 6% pre-tax deferral contribution.

2. Employer Match/Contribution Conditions: The Employer matches contributions up to 50% of each participant’s deferral contribution, up to 8%.

3. Vesting Schedule/Eligibility: Participants are immediately vested in all contributions. A participant becomes fully vested upon death, disability, or attainment of normal or early retirement age (65 and 59½ years, respectively).

4. Roth 401(k) contribution: The Plan allows for Roth 401(k) contributions.

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