CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Contribution & Employer Match

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Contribution & Employer Match

CALIFORNIA CASUALTY MANAGEMENT COMPANY provides the following retirement savings benefits to its employees:

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES is $55,797.00

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES is $1,873.00. 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.
119,926.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,873.00 in CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES, 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 CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES

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’.

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Total Employer Contribution and Match Rate

In 2023, CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES allocates $268,490.00 to match its employees' contributions, providing an employer match rate of 36.98% of their contributions

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES is approximately $686.00
Investing in this additonal $686.00 for 20 years would give you extra $43,947.00, assuming a 10% annual return.

CALIFORNIA CASUALTY SAVINGS INVESTMENT PLAN FOR HOURLY EMPLOYEES Contribution & Match Policy

1. Employee Contribution Rates: Participants may voluntarily contribute up to 25% of their annual pretax compensation or up to 10% of their annual after-tax compensation.

2. Employer Match/Contribution Conditions: The employer provides matching contributions equal to 75% of each participant’s pretax contribution up to 4% of the participant’s qualified compensation.

3. Vesting Schedule/Eligibility: Vesting in the employer's matching and service-based contributions is based on a five-year graded schedule (25% vested after two years, continuing at 25% per year until 100% vested after five years). Participants are immediately vested in their voluntary and rollover contributions. Additional immediate vesting occurs at age 65, death or disability, or specified conditions.

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