CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

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

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN is $30,531.00

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN is $1,156.00. 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.
74,034.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,156.00 in CAMBRO CONSTRUCTION, INC. 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 CAMBRO CONSTRUCTION, INC. 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’.

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2022, CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN allocates $56,310.00 to match its employees' contributions, providing an employer match rate of 46.36% of their contributions

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN is approximately $557.00
Investing in this additonal $557.00 for 20 years would give you extra $35,681.00, assuming a 10% annual return.

CAMBRO CONSTRUCTION, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may elect to defer any percentage of their salary to the Plan.

2. Employer Match/Contribution Conditions: The employer matches 100% of participants' elective deferrals, up to a maximum of 4% of compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and the safe harbor matching contribution. Vesting in the employer's discretionary profit-sharing contributions accrues 20% after each year of service until fully vested after six years. Participants are eligible for employer contributions on the same date they become eligible to participate in the Plan.

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