CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Contribution & Employer Match

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Contribution & Employer Match

CIVIL SERVICE EMPLOYEES INSURANCE GROUP provides the following retirement savings benefits to its employees:

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN is $96,864.00

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN is $5,835.00. 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.
373,445.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,835.00 in CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) 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 CIVIL SERVICE EMPLOYEES INSURANCE GROUP 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’.

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN allocates $522,549.00 to match its employees' contributions, providing an employer match rate of 39.28% of their contributions

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN is approximately $2,343.00
Investing in this additonal $2,343.00 for 20 years would give you extra $149,969.00, assuming a 10% annual return.

CIVIL SERVICE EMPLOYEES INSURANCE GROUP 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 60% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of participant deferrals that do not exceed 3% of eligible compensation, and an additional 50% of deferrals from 3% to 5% of eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions, rollover contributions, and employer safe harbor contributions. Vesting for employer discretionary contributions is 25% after one year, 50% after two years, 75% after three years, and 100% after four years. All employees are eligible to participate upon their date of hire effective January 1, 2016, with certain exceptions for specific classifications.

4. Allows Roth 401(k) contribution: Yes.

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