ENPOINTE RETIREMENT PLAN Contribution & Employer Match
ENPOINTE RETIREMENT PLAN Contribution & Employer Match
GLS COMPANIES provides the following retirement savings benefits to its employees:
ENPOINTE RETIREMENT PLAN Average Participant Retirement Account Value
ENPOINTE RETIREMENT PLAN Estimated Average Employee Contribution Amount
226,201.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,534.00 in ENPOINTE RETIREMENT 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 ENPOINTE RETIREMENT 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’.
ENPOINTE RETIREMENT PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute up to 60% of their compensation to the plan.
2. Employer Match/Contribution Conditions: The plan provides for a discretionary matching employer contribution, which is determined annually. No discretionary employer matching contributions were made for the years ended December 31, 2022, and 2021.
3. Vesting Schedule/Eligibility: Participants are immediately 100% vested in their wage deferrals. The vesting schedule for employer contributions is as follows: Less Than Two Years - 0%, Two Years - 20%, Three Years - 40%, Four Years - 60%, Five Years - 80%, Six or More Years - 100%. Eligibility requires each employee to meet minimum requirements and can participate immediately after hire unless under age 18.
4. It allows Roth 401(k) contribution.
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