BKF ENGINEERS 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Contribution & Employer Match

BKF ENGINEERS provides the following retirement savings benefits to its employees:

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BKF ENGINEERS 401(K) PROFIT SHARING PLAN is $243,885.00

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BKF ENGINEERS 401(K) PROFIT SHARING PLAN is $9,306.00. 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.
595,585.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 9,306.00 in BKF ENGINEERS 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 BKF ENGINEERS 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’.

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, BKF ENGINEERS 401(K) PROFIT SHARING PLAN allocates $2,425,927.00 to match its employees' contributions, providing an employer match rate of 48.82% of their contributions

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BKF ENGINEERS 401(K) PROFIT SHARING PLAN is approximately $4,278.00
Investing in this additonal $4,278.00 for 20 years would give you extra $273,825.00, assuming a 10% annual return.

BKF ENGINEERS 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may voluntarily contribute up to 100% of their eligible compensation, subject to various nondiscrimination tests and limitations prescribed by the Code.

2. Employer Match/Contribution Conditions: The Plan Sponsor may make non-elective contributions equal to a discretionary amount, specifically 5% of eligible compensation, plus approximately 5.7% of eligible compensation integrated with the social security wage base. Participants are eligible for discretionary contributions upon completing one year of service, being employed on the last day of the Plan year, and having 1,000 hours of service during the Plan year.

3. Vesting Schedule/Eligibility: All employer contributions vest over a six-year vesting period: 0% vested after less than two years, 20% after two years, 40% after three years, 60% after four years, 80% after five years, and 100% after six years or more. For vesting purposes, a year of service is equivalent to 1,000 hours of service during the Plan year.

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