EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Contribution & Employer Match
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Contribution & Employer Match
P & S INVESTMENT COMPANY, INC. provides the following retirement savings benefits to its employees:
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Average Participant Retirement Account Value
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Estimated Average Employee Contribution Amount
69,195.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,081.00 in EMPLOYEES' PROFIT SHARING & SAVINGS 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 EMPLOYEES' PROFIT SHARING & 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’.
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Total Employer Contribution and Match Rate
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,784.00 for 20 years would give you extra $114,190.00, assuming a 10% annual return.
EMPLOYEES' PROFIT SHARING & SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees may contribute up to 80% of pre-tax annual compensation.
2. Employer Match/Contribution Conditions: The Company contributes profit sharing amounts at the option of its Board of Directors, with a total of $430,000 contributed during the year ended December 31, 2021.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions. For the Company’s profit sharing contributions, participants are 100% vested after six years of credited service. Eligibility requires completion of 30 days of service and attainment of age 21.
4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.
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