COGNITION FINANCIAL CORPORATION 401K PLAN Contribution & Employer Match

COGNITION FINANCIAL CORPORATION 401K PLAN Contribution & Employer Match

COGNITION FINANCIAL CORPORATION provides the following retirement savings benefits to its employees:

COGNITION FINANCIAL CORPORATION 401K PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for COGNITION FINANCIAL CORPORATION 401K PLAN is $120,192.00

COGNITION FINANCIAL CORPORATION 401K PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for COGNITION FINANCIAL CORPORATION 401K PLAN is $2,742.00. 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.
175,494.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,742.00 in COGNITION FINANCIAL CORPORATION 401K 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 COGNITION FINANCIAL CORPORATION 401K 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’.

COGNITION FINANCIAL CORPORATION 401K PLAN Total Employer Contribution and Match Rate

In 2022, COGNITION FINANCIAL CORPORATION 401K PLAN allocates $361,669.00 to match its employees' contributions, providing an employer match rate of 49.87% of their contributions

COGNITION FINANCIAL CORPORATION 401K PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in COGNITION FINANCIAL CORPORATION 401K PLAN is approximately $1,412.00
Investing in this additonal $1,412.00 for 20 years would give you extra $90,417.00, assuming a 10% annual return.

COGNITION FINANCIAL CORPORATION 401K PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 90% of their plan compensation on a pre-tax or after-tax Roth basis.

2. Employer Match/Contribution Conditions: The Company makes matching contributions equal to 100% of a participant’s pre-tax contributions up to 4% of the participant’s eligible compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and the Company contributions plus actual earnings or losses thereon. Eligibility requires completing three months of service.

4. Roth 401(k) Contribution: Yes, the plan allows for Roth 401(k) contributions.

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