DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Contribution & Employer Match

DENMAN SERVICES INC provides the following retirement savings benefits to its employees:

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Average Participant Retirement Account Value

In 2021, the average participant retirement account value for DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN is $26,672.00

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN is $1,446.00. 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.
92,550.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,446.00 in DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS 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 DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS 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’.

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate

In 2021, DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN allocates $281,956.00 to match its employees' contributions, providing an employer match rate of 62.29% of their contributions

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN is approximately $900.00
Investing in this additonal $900.00 for 20 years would give you extra $57,652.00, assuming a 10% annual return.

DENMAN SERVICES, INC 401(K) RETIREMENT SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute the maximum dollar amount allowed by law, with an auto-enrollment provision setting the default rate at 3% of eligible compensation.

2. Employer Match/Contribution Conditions: The Company contributes a safe harbor match equal to 100% of employee deferrals up to 5% of employee compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions. For the Company's matching contribution, participants are 100% vested after five years of credited service if terminated prior to January 1, 2019. Any participant who terminates on or after January 1, 2019 is already 100% vested in the Company's matching contribution.

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