CADENCE, INC. 401(K) PLAN Contribution & Employer Match
CADENCE, INC. 401(K) PLAN Contribution & Employer Match
CADENCE, INC. provides the following retirement savings benefits to its employees:
CADENCE, INC. 401(K) PLAN Average Participant Retirement Account Value
CADENCE, INC. 401(K) PLAN Estimated Average Employee Contribution Amount
336,945.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,264.00 in CADENCE, INC. 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 CADENCE, INC. 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’.
CADENCE, INC. 401(K) PLAN Total Employer Contribution and Match Rate
CADENCE, INC. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $1,775.00 for 20 years would give you extra $113,605.00, assuming a 10% annual return.
CADENCE, INC. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may defer up to 100% of pretax and/or after-tax annual compensation as defined in the Plan, subject to a maximum annual cap of $20,500 for 2022.
2. Employer Match/Contribution Conditions: The Company matches 100% of the first 1% of covered compensation that a participant contributes and 50% of the next 5% of covered compensation contributed.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary reduction contributions plus actual earnings. Vesting in the Company’s matching discretionary contribution is based on years of continuous service, with 100% vesting after two years of service.
4. Roth 401(k) Contribution: The Plan allows Roth 401(k) contributions.
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