CSAA INSURANCE GROUP 401(K) PLAN Contribution & Employer Match
CSAA INSURANCE GROUP 401(K) PLAN Contribution & Employer Match
CSAA INSURANCE SERVICES, INC. provides the following retirement savings benefits to its employees:
CSAA INSURANCE GROUP 401(K) PLAN Average Participant Retirement Account Value
CSAA INSURANCE GROUP 401(K) PLAN Estimated Average Employee Contribution Amount
416,645.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,510.00 in CSAA INSURANCE GROUP 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 CSAA 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’.
CSAA INSURANCE GROUP 401(K) PLAN Total Employer Contribution and Match Rate
CSAA INSURANCE GROUP 401(K) PLAN Estimated Average Employer Match
Investing in this additonal $5,307.00 for 20 years would give you extra $339,701.00, assuming a 10% annual return.
CSAA INSURANCE GROUP 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute up to 50% of pretax annual compensation.
2. Employer Match/Contribution Conditions: The Company matches 100% of the first 6% of a participant’s contributions.
3. Vesting Schedule/Eligibility: Participants are immediately fully vested in their contributions and the Company’s matching and profit sharing contributions.
4. Roth 401(k) Contribution: The text does not specify whether Roth 401(k) contributions are allowed.
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