DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Contribution & Employer Match

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Contribution & Employer Match

CONCORD GENERAL MUTUAL INSURANCE CO provides the following retirement savings benefits to its employees:

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Average Participant Retirement Account Value

In 2012, the average participant retirement account value for DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO is $71,321.00

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Estimated Average Employee Contribution Amount

In 2012, the estimated average employee contribution amount per participant for DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO is $5,408.00. 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.
346,165.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,408.00 in DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO, 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 DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO

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’.

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Total Employer Contribution and Match Rate

In 2012, DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO allocates $191,078.00 to match its employees' contributions, providing an employer match rate of 28.04% of their contributions

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Estimated Average Employer Match

In 2012, the estimated average employer match for an employee in DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO is approximately $758.00
Investing in this additonal $758.00 for 20 years would give you extra $48,527.00, assuming a 10% annual return.

DEFERRED SALARY PROFIT-SHARING THRIFT PLAN FOR EMPLOYEES OF CONCORD GENERAL MUTUAL INSURANCE CO Contribution & Match Policy

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