BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Contribution & Employer Match

BOURNS, INC. provides the following retirement savings benefits to its employees:

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN is $197,596.00

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN is $4,783.00. 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.
306,157.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,783.00 in BOURNS, INC. PROFIT SHARING & 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 BOURNS, INC. PROFIT SHARING & 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’.

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN allocates $2,644,804.00 to match its employees' contributions, providing an employer match rate of 80.59% of their contributions

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN is approximately $3,778.00
Investing in this additonal $3,778.00 for 20 years would give you extra $241,810.00, assuming a 10% annual return.

BOURNS, INC. PROFIT SHARING & RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may elect to defer up to 50 percent of eligible compensation per pay period.

2. Employer Match/Contribution Conditions: The Company matches 100 percent of each participant’s contribution up to 3 percent of eligible compensation, and 50 percent of each participant’s contribution above 3 percent up to a maximum of 5 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Company-matching contributions. Participants vest in the Company’s profit sharing contributions based on a schedule ranging from 0% to 100% depending on years of service. Employees are eligible to participate upon reaching age 21 and completing three months of service.

4. Roth 401(k) contribution: The plan allows for after-tax contributions.

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