EMPLIFI INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

EMPLIFI INC. provides the following retirement savings benefits to its employees:

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for EMPLIFI INC. 401(K) PROFIT SHARING PLAN is $74,200.00

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for EMPLIFI INC. 401(K) PROFIT SHARING PLAN is $8,022.00. 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.
513,450.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,022.00 in EMPLIFI INC. 401(K) PROFIT SHARING 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 EMPLIFI INC. 401(K) 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’.

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, EMPLIFI INC. 401(K) PROFIT SHARING PLAN allocates $595,625.00 to match its employees' contributions, providing an employer match rate of 46.69% of their contributions

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in EMPLIFI INC. 401(K) PROFIT SHARING PLAN is approximately $2,863.00
Investing in this additonal $2,863.00 for 20 years would give you extra $183,269.00, assuming a 10% annual return.

EMPLIFI INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100% of their annual eligible compensation.

2. Employer Match/Contribution Conditions: The Employer matches 100% of the first 3% and 50% of the next 2% of eligible compensation deferred by the participant.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their elective contributions and employer safe harbor matching contributions. Vesting in other employer contributions is based on years of service, with a schedule that includes 0% after 1 year, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 or more years. Eligibility requires employees to work 1,000 hours in a year.

4. Roth 401(k) contribution: Participants are permitted to make elective Roth contributions to the Plan.

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