BERKSHIRE GROUP 401(K) PLAN Contribution & Employer Match
BERKSHIRE GROUP 401(K) PLAN Contribution & Employer Match
BG-IC, LLC provides the following retirement savings benefits to its employees:
BERKSHIRE GROUP 401(K) PLAN Average Participant Retirement Account Value
BERKSHIRE GROUP 401(K) PLAN Estimated Average Employee Contribution Amount
286,542.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,477.00 in BERKSHIRE GROUP 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 BERKSHIRE GROUP 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’.
BERKSHIRE GROUP 401(K) PLAN Total Employer Contribution and Match Rate
BERKSHIRE GROUP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,464.00 for 20 years would give you extra $157,750.00, assuming a 10% annual return.
BERKSHIRE GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute from one to sixty percent of their eligible compensation.
2. Employer Match/Contribution Conditions: The employer will make an annual matching contribution equal to 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed by employees, limited to 4% of eligible compensation contributed.
3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions and in the Company's matching contributions. Non-elective and other employer matching contributions vest at the rate of 25% per year, fully vesting after 4 years of service. Eligibility requires three months of continuous service.
4. The plan allows Roth 401(k) contributions.
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