COMMERCIAL CLEANING CORP. 401(K) PLAN Contribution & Employer Match
COMMERCIAL CLEANING CORP. 401(K) PLAN Contribution & Employer Match
COMMERCIAL CLEANING CORP. provides the following retirement savings benefits to its employees:
COMMERCIAL CLEANING CORP. 401(K) PLAN Average Participant Retirement Account Value
COMMERCIAL CLEANING CORP. 401(K) PLAN Estimated Average Employee Contribution Amount
56,003.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 875.00 in COMMERCIAL CLEANING CORP. 401(K) 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 COMMERCIAL CLEANING CORP. 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’.
COMMERCIAL CLEANING CORP. 401(K) PLAN Total Employer Contribution and Match Rate
COMMERCIAL CLEANING CORP. 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $484.00 for 20 years would give you extra $31,039.00, assuming a 10% annual return.
COMMERCIAL CLEANING CORP. 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to defer a percentage of their annual compensation to be contributed directly to the Plan, subject to Internal Revenue Code specified limits.
2. Employer Match/Contribution Conditions: The Company provides an annual safe harbor matching contribution equal to 100% of participant contributions up to 3%, plus 50% of participant contributions that exceed 3% but do not exceed 5%.
3. Roth 401(k) contribution: The Plan permits both pre-tax and Roth contributions.
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