FIRE AND LIFE SAFETY AMERICA 401K PLAN Contribution & Employer Match
FIRE AND LIFE SAFETY AMERICA 401K PLAN Contribution & Employer Match
FIRE AND LIFE SAFETY AMERICA provides the following retirement savings benefits to its employees:
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 FIRE AND LIFE SAFETY AMERICA 401K 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’.
FIRE AND LIFE SAFETY AMERICA 401K PLAN Contribution & Match Policy
1. Employee Contribution Rates: The text does not specify a percentage of salary that employees can contribute to the plan.
2. Employer Match/Contribution Conditions: The text does not specify any conditions under which the employer matches or contributes to the plan.
3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Company’s matching and discretionary contributions. Eligibility requires one month of service and being over 17 years of age.
4. Roth 401(k) Contribution: The text does not mention the option for Roth 401(k) contributions.
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