EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Contribution & Employer Match
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Contribution & Employer Match
EL REY MEXICAN PRODUCTS, INC. provides the following retirement savings benefits to its employees:
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Average Participant Retirement Account Value
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Estimated Average Employee Contribution Amount
62,548.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 977.00 in EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING 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 EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING 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’.
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Total Employer Contribution and Match Rate
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Estimated Average Employer Match
Investing in this additonal $675.00 for 20 years would give you extra $43,251.00, assuming a 10% annual return.
EL REY MEXICAN PRODUCTS, INC. PROFIT SHARING PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 100% of their compensation as pre-tax or Roth contributions to the plan.
2. Employer Match/Contribution Conditions: The employer matches 100% of participant deferrals up to 4% of each participating employee’s compensation. The company may also elect to make a profit sharing contribution at its discretion, but there were no discretionary profit sharing contributions approved for the years ended December 31, 2022 or 2021.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the company’s safe harbor matching contributions. They become 100% vested in the company’s profit sharing contributions after six years of credited service. Participants also become 100% vested upon death, total disability, or attainment of normal retirement age. Eligibility requires completion of 12 months of service with at least 1,000 hours worked and being age 20 or older.
4. Roth 401(k) contribution: Yes, the plan allows Roth contributions.
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