BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOISSET FAMILY ESTATES, INC. provides the following retirement savings benefits to its employees:

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN is $42,004.00

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN is $3,881.00. 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.
248,403.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,881.00 in BOISSET FAMILY ESTATES, INC. RETIREMENT 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 BOISSET FAMILY ESTATES, INC. RETIREMENT 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’.

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN allocates $552,251.00 to match its employees' contributions, providing an employer match rate of 31.20% of their contributions

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN is approximately $1,150.00
Investing in this additonal $1,150.00 for 20 years would give you extra $73,633.00, assuming a 10% annual return.

BOISSET FAMILY ESTATES, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their pretax annual compensation and up to 100% of any bonus compensation, with a maximum annual limit of $20,500 for the year ended December 31, 2022. Participants aged 50 or older may make additional “catch-up” contributions limited to an annual maximum of $6,500.

2. Employer Match/Contribution Conditions: The employer will match contributions equal to 50% of the participant’s contribution, limited to 3% of the participant’s annual eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and rollover contributions. Vesting in the employer's discretionary matching contributions is based on years of continuous service, at a rate of 20% per year, with 100% vesting after five years of service.

4. Roth 401(k) Contribution: It allows Roth 401(k) contributions.

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