EXELA 401(K) PLAN Contribution & Employer Match
EXELA 401(K) PLAN Contribution & Employer Match
SOURCEHOV, LLC provides the following retirement savings benefits to its employees:
EXELA 401(K) PLAN Average Participant Retirement Account Value
EXELA 401(K) PLAN Estimated Average Employee Contribution Amount
93,821.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 1,465.00 in EXELA 401(K) 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 EXELA 401(K) 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’.
EXELA 401(K) PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants may elect to contribute their pre-tax annual compensation, limited to the maximum amount permitted under the applicable Internal Revenue Code (IRC).
2. Employer Match/Contribution Conditions: The Plan allows for employer discretionary matching and profit sharing contributions in amounts to be determined by the Company. During the year ended December 31, 2022, no discretionary employer matching or profit sharing contributions were made.
3. Vesting Schedule/Eligibility: The vesting schedule for the Company’s matching and profit sharing contributions is as follows:
4. - Less than 1 year: 0%
5. - 1 year: 25%
6. - 2 years: 50%
7. - 3 years: 100%
8. Vesting is based on the elapsed time method, starting from the participant’s hire date. A participant will automatically become fully vested in Company matching contributions in the events of retirement at age 65, permanent disability, or death.
9. Roth 401(k) Contribution: The Plan permits participants to designate a portion or all of their participant deferrals as Roth contributions.
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