FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Contribution & Employer Match

FIRST NATIONAL BANK OF WATERLOO provides the following retirement savings benefits to its employees:

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN is $87,735.00

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN is $3,412.00. 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.
218,426.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,412.00 in FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS 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 FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND 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’.

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN allocates $604,131.00 to match its employees' contributions, providing an employer match rate of 105.68% of their contributions

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN is approximately $3,775.00
Investing in this additonal $3,775.00 for 20 years would give you extra $241,652.00, assuming a 10% annual return.

FIRST NATIONAL BANK OF WATERLOO PROFIT SHARING AND SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 100 percent of pretax or after-tax annual eligible compensation.

2. Employer Match/Contribution Conditions: The Plan provides for a discretionary employer matching contribution, which may be suspended or discontinued at any time. Additionally, the Plan Sponsor may make an annual discretionary profit sharing contribution, and contributions are allocated to eligible participants' accounts based on the ratio of participant compensation to total compensation of all participants. Participants must be actively employed at the end of the Plan year or have terminated employment due to death, disability, normal retirement, or early retirement to receive the profit sharing contribution.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings. Vesting in the Plan Sponsor's matching and profit sharing contribution portion of their account is based on years of service, with 100% vesting after 3 years of service. To be eligible, employees may become participants following three months of service and attaining 18 years of age.

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