BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BENFIELD ELECTRIC COMPANY, INC. provides the following retirement savings benefits to its employees:

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN is $60,255.00

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN is $3,453.00. 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.
220,999.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,453.00 in BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING 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 BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING 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’.

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN allocates $296,726.00 to match its employees' contributions, providing an employer match rate of 30.47% of their contributions

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN is approximately $1,082.00
Investing in this additonal $1,082.00 for 20 years would give you extra $69,308.00, assuming a 10% annual return.

BENFIELD ELECTRIC COMPANY, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of their annual compensation, limited to the lesser of 100% of eligible compensation or the maximum allowable contributions under the Internal Revenue Code, but not less than 1% of their eligible compensation.

2. Employer Match/Contribution Conditions: The Employer may elect to make matching contributions equal to a discretionary percentage of the participant's salary reductions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Employer's contribution accounts is based on years of service: 20% vesting after two years of service and 20% per year thereafter, with 100% vesting after six years. Eligibility requires employees to be at least eighteen years of age and have completed one year of service (1,000 hours during the first twelve consecutive months of employment).

4. Roth 401(k) Contribution: Not stated.

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