CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Contribution & Employer Match
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Contribution & Employer Match
CLARK NUBER P.S. provides the following retirement savings benefits to its employees:
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
523,176.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,174.00 in CLARK NUBER P.S. RETIREMENT SAVINGS 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 CLARK NUBER P.S. RETIREMENT SAVINGS 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’.
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $3,298.00 for 20 years would give you extra $211,133.00, assuming a 10% annual return.
CLARK NUBER P.S. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Up to 60 percent of annual eligible compensation.
2. Employer Match/Contribution Conditions: The Company matches 10 percent of the first 6 percent of compensation that a participant contributed, limited to $1,830 per person.
3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is as follows: 0% for less than 2 years of service, 20% for 2 years, 40% for 3 years, 60% for 4 years, 80% for 5 years, and 100% for 6 years or more. Eligibility requires 300 hours of service to receive credit for one year of service for vesting purposes.
4. Roth 401(k) contributions are allowed.
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