EDG, INC. EMPLOYEES SAVINGS TRUST Contribution & Employer Match
EDG, INC. EMPLOYEES SAVINGS TRUST Contribution & Employer Match
EDG, INC. provides the following retirement savings benefits to its employees:
EDG, INC. EMPLOYEES SAVINGS TRUST Average Participant Retirement Account Value
EDG, INC. EMPLOYEES SAVINGS TRUST Estimated Average Employee Contribution Amount
731,618.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 11,431.00 in EDG, INC. EMPLOYEES SAVINGS TRUST, 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 EDG, INC. EMPLOYEES SAVINGS TRUST
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’.
EDG, INC. EMPLOYEES SAVINGS TRUST Total Employer Contribution and Match Rate
EDG, INC. EMPLOYEES SAVINGS TRUST Estimated Average Employer Match
Investing in this additonal $4,204.00 for 20 years would give you extra $269,087.00, assuming a 10% annual return.
EDG, INC. EMPLOYEES SAVINGS TRUST Contribution & Match Policy
1. Employee Contribution Rates: Participants may contribute up to the maximum allowed by the Internal Revenue Code (IRC), with a default deferral rate of four percent.
2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant’s deferral up to a maximum of three percent of the participant’s salary.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. They become 100 percent vested in the employer’s contribution after three years of credited service. Participants also become vested at normal retirement age, death, disability, or termination of the Plan.
4. Roth 401(k) Contribution: The Plan allows for Roth elective deferrals.
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