COMPLETE GENOMICS 401(K) PLAN Contribution & Employer Match
COMPLETE GENOMICS 401(K) PLAN Contribution & Employer Match
COMPLETE GENOMICS INC. provides the following retirement savings benefits to its employees:
COMPLETE GENOMICS 401(K) PLAN Average Participant Retirement Account Value
COMPLETE GENOMICS 401(K) PLAN Estimated Average Employee Contribution Amount
648,651.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,135.00 in COMPLETE GENOMICS 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 COMPLETE GENOMICS 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’.
COMPLETE GENOMICS 401(K) PLAN Total Employer Contribution and Match Rate
COMPLETE GENOMICS 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $2,675.00 for 20 years would give you extra $171,250.00, assuming a 10% annual return.
COMPLETE GENOMICS 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a portion of their salary, subject to certain maximum limitations imposed by Section 402(g) of the IRC.
2. Employer Match/Contribution Conditions: The employer may make discretionary matching contributions which will be allocated in accordance with the plan document provisions. Participants must be employed on the last day of the plan year to be eligible to receive discretionary matching contributions.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their elective deferrals, including catch-up contributions and rollover contributions from other plans. The vesting service for company matching contributions is based on a period of service of 1,000 hours earned. Participants are always 100% vested in their company matching contributions.
4. Roth 401(k) Contribution: Yes, the plan allows Roth deferrals.
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