CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Contribution & Employer Match
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Contribution & Employer Match
CHEROKEE TOWN & COUNTRY CLUB, INC. provides the following retirement savings benefits to its employees:
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Average Participant Retirement Account Value
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount
121,809.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,903.00 in CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT 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 CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT 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’.
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Estimated Average Employer Match
Investing in this additonal $1,794.00 for 20 years would give you extra $114,825.00, assuming a 10% annual return.
CHEROKEE TOWN & COUNTRY CLUB 401(K) RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute any portion of their compensation, up to the maximum allowable limit established by the Internal Revenue Service (IRS).
2. Employer Match/Contribution Conditions: The safe harbor match is 100% of the first 4% deferred. For discretionary profit sharing contributions, a participant must have attained the age of 21 and completed at least one year of service.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their contributions and employer safe harbor matching contributions. They vest in the Club profit sharing contributions based on years of service: 20% vested after 2 years of service, then an additional 20% per year up to 100% after 6 years. Participants are immediately vested upon termination of the Plan, reaching the normal retirement age of 65, or upon disability or death while employed.
4. Roth 401(k) contribution: Yes, participants may contribute to a Roth account.
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